As a first-time homebuyer in the Chicago real estate market, you have probably been keeping up with of the negative reasons to buy – rising home prices, low inventory. StartingPoint Realty is here to remind you of the positive reasons to buy a home this fall – low mortgage rates, less competition in the fall, home sales are up, and prices actually began to decline!
The median price of an existing home tends to drop as summer moves into fall, but prices started dropping before fall hit this year. In August, they dropped for the second month in a row. In the Midwest, the median home price for the region was the lowest in the country at $200,500! Existing homes continue to be more affordable than newly constructed homes.
While low housing inventory is still plaguing the nation, the latest home sales report did show an increase. In the Midwest, the number of monthly sales jumped 2.4 percent in August, and sales rose 0.8 percent year-over-year. So, there are still houses to buy!
Buyer interest was sustained all summer long, thanks to steady employment gains, slowly rising incomes and low mortgage rates, according to NAR’s chief economist. This is still true as we head into the fall market in the Chicago area! Mortgage rates are still low, but most real estate experts predict that they will be higher by this time next year. The sooner you buy, the more money you could save.
If you’re worried about qualifying for a mortgage loan, did you know that 52 percent of approved loans have a FICO score under 750? There are many low down payment options for first-time buyers as well, and down payment assistance programs are available in the area.
The first step you should take is to contact a mortgage lender and get pre-approved as a buyer. This will let you know exactly what your budget is. Then you can begin your home search! Determine what your wants vs. needs are as a homeowner, because with low inventory, you should be prepared to make some compromises.
If you are able and wanting to buy your first home this fall in the Chicago area, StartingPoint Realty is here to help! We can recommend mortgage lenders, answer all of your questions, guide you through every step of the home-buying process and help you find the first home of your dreams.
Don’t wait! Contact us today and let’s together achieve your home-buying goals this fall.
StartingPoint Realty – guiding first-time Chicago home buyers!
StartingPoint Realty provides complete education and guidance to first-time home buyers throughout Chicago and the Northwest suburbs! Attend our free home buying seminar to learn about the home buying process. There’s never any sales pressure or obligation!
Check out our list of home buyer assistance programs on our website! You can also visit our Chicago Resource Center for neighborhood information and personalized assistance.
Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
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