Buying Chicago Real Estate? You Can't Afford To Wait On Rates!
At a recent lecture at the New York University Club, millionaire hedge fund operator John Paulson, who is often touted as an investment genius, enthusiastically urged members of his audience to buy real estate--now! Echoing the September Forbes report, Paulson stated that “this is the best time in 50 years to buy a home,” and he maintained that securing a 30 year mortgage with record low interest rates is a wise and safe investment.
While there are those in the real estate field who disagree with Paulson’s views, there is an increasing number of factors which supports his advice, among them reduced home prices, increased negotiating power, and very low interest rates.
These interest rate charts provide confirmation of Paulson's claim and food for thought for anyone wondering if now is a good time to get off the fence regarding a home purchase or refinance.
Inventory levels are shrinking in Chicago, causing many multiple offers since many sellers are renting properties instead of selling in the hopes of recapturing “lost” equity by waiting a few years and capitalizing on the rapidly appreciating rental market which has risen, in some areas, up to 20% in the last year.
So, is now the time to buy Chicago real estate? For many the answer is a resounding “Yes”! Before inventory levels shrink even more and prices increase.
MAKING A POSITIVE DIFFERENCE IN PEOPLE'S LIVES.
Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago's North Side.
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