Midwest buyers feel optimistic about buying, HOME survey says
By Urban Real Estate
In the full swing of another spring in Chicago’s real estate market, the climate has slightly changed from recent years and yes—it will make a difference. In the first quarter of the year alone, mortgage rates have increased to a four-year high. Paired with a critical shortage of home listings in many markets, including ours, this has sparked a hike in home prices making for a highly-competitive climate.
The National Association of Realtors first quarter Housing Opportunities and Market Experience (HOME) survey looked at what these trends mean for real estate and found that while many buyers feel that now is a good time to buy, this attitude was most prevalent in the Midwest and South regions.
According to Urban Real Estate managing partner Matt Farrell, this positive change is due to new opportunities. “Sellers have the tremendous opportunity to sell today as options are fewer, and those that are available are priced at a premium, and often garner rapid, multiple offers if priced correctly,” he said. “The goal is to strategically consider what your home’s value is against other homes available, and welcome those competing for a piece of the pie where few homes are available for sale.”
Those on the fence about buying a home have an important decision to make. According to Urban Real Estate senior partner Michael Emery, the survey indicates most potential buyers feel positive about the general economy. However, the fear buyers have about their own financial situation can be daunting.
“Sitting down with your trusted real estate advisor and a lender to review your buying power today is critical if you are on the fence,” said Emery. “Experienced brokers can help you understand what investment makes the most sense for you, and how to help you find an affordable option that meets your needs.”
To contact New Eastside’s Urban Real Estate, call (312) 528-9200 or visit UrbanRealEstate.com
Published April 11, 2018