The Spring market is finally upon us in Chicago. The first quarter of the year was a very strong sellers market with a lot of buyers trying to get into homes come Spring and many upgrade buyers trying to sell and move up.
Q1 saw many buyers hit the streets in anticipation of moving in Spring and fear of the rising interest rates. Rising rates typically comes with a drop in home sales price (as seen to the below), so many sellers were eager to get their homes on the market before it was too late. Although the Fed raising their rate doesn't always mean an increase in your interest rate, perception is reality - buyers flocked, sellers listed.
Q2 has slowed but we still have seen an over 11% increase in sales over last year which is great for the real estate market! As the market begins to regulate, with a more even ratio of buyers to sellers we are starting to see properties stay on the market longer and buyers have more time to make their decisions. As the competition continues to drop, prices tend to even out and buyers can get more for their money. Although Q1 was a fantastic time to buy Q2 may be an even better time.
The rates haven't increased yet. There are a lot of great reasons why they haven't yet increased and even more reasons why they probably will increase soon. The bottom line is interest rates are still at an almost all time low and that it's a great time to secure your mortgage.
Buying a home now may be one of the best to get into real estate. Low interest rates coupled with decreasing prices are set up so that you can get the most bang for your buck!
Your Chicago REALTOR