Chicago Real Estate Market Update – April 2015
The weather is heating up along with the real estate market here in downtown Chicago as buyers finally see a finite end to the insanely low interest rates right now – which many experts predict will go up by the end of the year. The time is now people – there are many great properties out there and plenty of reasons for both buyers and sellers to enter the market.
Get those homes ready to show by knocking out maintenance and routine upgrades before properties hit the market. More importantly, know that you better have a place to move to because if you price right, you may be accepting an offer in a matter of days rather than weeks or months. Inventory levels remain low and buyers are lining up to buy the good stuff.
Expect to compete with several buyers on anything you end up purchasing – make sure you have an aggressive and knowledgeable agent who understands how to properly position your offer. Take advantage of the current market by locking in your price and interest rate now before both go up significantly by the end of summer.
Negotiation time is over- the peak rental season is upon us which means tenants are scrambling and landlords are getting extra picky. Working with a good agent on either side of the table ensures you’re in full compliance with the myriad of local rules and also ensures your highest chance of success.
Get out there and enjoy not only the weather but also the advantageous real estate climate in this great city. Remember, interest rates in the 4’s aren’t a right; they’re a privilege. With home prices climbing and interest rates set to follow suit. The time to move in, move up, or move on may just be upon you. If you want to know how the particulars of this market effect you specifically, I’m always just a phone call away!