Tuesday, October 16, 2012

Hello! Mortgage rates are LOW, research your options now

The positive news about home sales and mortgage rates has been everywhere lately...the Tribune, CNN...even my Kiplinger's issue this month had a few features on what buyers are getting in this current market.  You should take a serious look at your options for purchasing, selling or re-financing now.
Interest rates are low and demand is back up... even new condo conversions are back around the North Side

What's interesting in Chicago (and the close by burbs) is the ability to achieve many goals depending on your situation: 

1) Buying your family home for a much cheaper cost to own these days than over the past 10 years 2) buying a condo and having roommates in a nicer home for less than renting (and building equity and getting a write-off on mortgage interest your roommate helps pay); 3) buying a very livable fixer-upper or outdated home and living well under rent prices for your area; 4) buy and live in a two-flat building and receive rental income and tax write-offs for maintenance; 5) Buying and renovating single family homes for profit; 6) and pros are even buying and flipping condo units again.

Single family homes have become more affordable relative to incomes around Chicago.  Inventory once again seems low in popular neighborhoods on the North Side.

For the average buyer purchasing their primary residence its been a very active home selling and buying market.  People have begun to feel comfortable about home prices in comparison to renting. The low interest rates have combined with lower home prices to spark some consumer confidence.  It will pay to understand your options now for selling, making a purchase or re-financing.

You can contact Steve Dunnett, Loan Officer at sdunnett@wintrustmortgage.com or 1-708-289-3408 to discuss mortgage needs. 

You need house? We find house.  Call or email us.