by Urban Real Estate
The time to move is now. The interest rates are low. The New Eastside neighborhood is hot, although the temperature outside is not. If you are thinking of buying, selling, investing or leasing, think now.
According to a recent Housingwire.com report, “Low mortgage rates, ris- ing household income, and a surge in household formation among Millenni- als have significantly boosted demand for housing over the past year,” said Mark Fleming, First American’s chief economist.
“If you are considering buying, interest rates to finance your mortgage are the lowest in 10 years. There are many mortgage options,” said Lynn Brahin, a broker with Urban Real Estate. “You no longer need much money down. To- day, home ownership is more economical often times than paying rent.”
The New Eastside longtime resident, investor and broker also recommends something she often discusses with her clients—diversify. “Renting is a lifestyle that affords individuals to have the freedom to move easily— but the equity earned in homeownership can afford the same resident the opportunity to be a second-home investor,” Brahin adds.
Currently, the 60601 residential property inventory has a wide sale price range from $199,000 to more than $11 million. Most of this neighborhood is condos. Places range in size and condition.
Recent MRED data shows: 178 homes for sale, median sales price $260,000. Median list price $454,000, with 106 average days on the market, and 17 homes sold in in a snapshot during October and November.
The National Association of Realtors statistics show people are now choosing less space and a shorter commute, over a larger home far from work. People like walking to the grocery store, local restaurants, and shopping. No other neighborhood offers the privacy of a cul-de-sac community with immediate access to the natural wonders of Chicago: Lake Michigan, the Chicago River- walk and Chicago’s famous parks—all steps away from world-class museums, entertainment, arts and culture.
The average 30-year fixed mort- gage rate fell 7 basis points to 3.89 from 3.96 a week ago. 15-year fixed mortgage rates fell 7 basis points to 3.25 from 3.32 a week ago. (Current Mortgage Rates-Mortgage Interest Rates Today, @Natalie Campisi, November 20, 2019)
Wondering what your place is worth? Curious as to what you can afford to buy? Perplexed with all the choices around you? Trying to simplify your life? Contact your trusted advisor at Urban Real Estate at (312) 528-9200 or visit UrbanRealEstate.com.