As a result of the long winter we just endured, our spring market has gotten off to a somewhat delayed start. This is great news for anyone thinking of selling, because the peak of our spring market is still yet to come. Better still, inventory remains low in our Chicago area so far this April. So if you’ve got a home to list, now is an ideal time to make a move—especially as low interest rates continue to motivate today’s buyers. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
Lately, everyone has been asking me about interest rates: Are they going up? Are they going to go down? What can we expect from the future? Today, Michael Wieczorek from Stonehaven Mortgage joined me to share his expertise as we answer these questions for you.
On March 20, the Fed released an announcement saying that rates will not increase through the end of 2019. In fact, a number of people have forecast that rates may potentially drop again in the first quarter of 2020.
If this is the case, your buying power will increase; as a result, you’ll be able to get approved to buy more home and to secure a more affordable monthly payment. It looks like we’re in for a nice, long spring and summer market with a low cost of funds.
On March 20, the Fed released an announcement saying that rates will not increase through the end of 2019.
Buyers have also asked whether it’s better to do a 30-year fixed or a 15-year fixed mortgage.
Mike says that a 15-year fixed mortgage is always beneficial if you can afford it comfortably both now and throughout the life of the loan. With a 15-year fixed, you’ll pay considerably less in interest on the home you buy, but make absolutely sure that you won’t be struggling month to month to maintain your payments.
This is not just great news for buyers, but sellers as well. As interest rates go down, home affordability and home prices go up, meaning that sellers will have more buyers to market their homes to and that they’ll get top dollar when they do sell.
If you’d like more information, stay tuned to my blog. We’ll continue to bring you the latest updates on the market. In the meantime, if you have specific questions, you can always reach out to us here at the Sohail Real Estate Group. We’re here to assist you.
March is a massively important month for our real estate market. Why? Well, this year, in particular, recent strange weather has led to a decrease in inventory below what’s typical for the season. Overall, though, our market is in great shape. But don’t assume that this will remain the case moving forward. If you’re thinking of buying or selling, now is the time to make a move. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
Today I am very excited to be joined by Michael Wieczorek of Stone Haven Mortgage to talk about our current mortgage rates, why they’ve dipped a bit, and where we can expect them to go in the future.
Rates were steadily rising in 2018 until they dropped on December 15. Before then, you could get a 30-year mortgage for a 4.63% interest rate. Since then, we’ve seen another steady decline of rates. The Federal Reserve decided to hold off on raising rates, which has caused the market to even out.
This is great news for anyone who is looking to buy a home.
This has resulted in a higher purchasing power for buyers out there. A lot of them are using first-time homebuyer programs that allow you to buy a home with just 3.5% down, and will even grant you a break with mortgage insurance. Michael and his team are able to close loans within a few weeks, which will make you a stronger buyer this spring.
With rates low for the time being, it’s great news for anyone who is looking to buy a home. As for anyone who is looking to sell, this affordability increase will bring more and more buyers to the market this spring and summer.
If you have any questions about the mortgage process, interest rates, or anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
We’re getting closer and closer to kicking off the spring market, and as the weather warms up, our Chicagoland market will start to pick up again. The only thing we’re not sure of is how the market will be shifting throughout February, March, and on into summer. That’s why I want to remind you that if you have any questions about our market, please don’t hesitate to reach out to me so I can help take care of your real estate needs.
In our market, we’re currently seeing some abnormalities.
Prevailing speculation was that we’d begin to see interest rates go up, but instead, they’ve actually gone down. This has produced a sense of urgency among buyers, which has expanded opportunities for sellers to maximize the sale of their home.
If you’re looking to buy or sell, opportunity lies on both ends of the spectrum.
On top of that, the unusual weather patterns have incentivized buyers to enter the market at a time they hadn’t originally planned to come out.
If you’re looking to buy or sell, opportunity lies on both ends of the spectrum. If you’d like to talk about the specific details on how to advance your real estate goals, don’t hesitate to reach out to me by phone at 847-899-4815 or by email at Sohail@SohailRealEstate.com.
With the holiday season already in full swing, the new year will be here very soon. If you’re planning to buy or sell a home in 2019, now is the time to start making your preparations.
For sellers, listing your home before everyone else will help it lead the market instead of following it; you’ll be able to set your price and terms without being compared to others.
Now is the time to start making your preparations.
If you want to buy, start looking now. There are a lot of off-market properties that won't be listed until spring, but your real estate agent can help you find and purchase one of them before they’re listed.
If you’re looking to buy or sell a home, have any questions, or need further information, reach out to me. I look forward to helping you.
Thanksgiving is coming up, and the holiday season is right around the corner. Now that the weather is changing and schedules are changing, there is one thing I know that remains consistent. People are always looking to buy or sell real estate, no matter what time of year it is. If you or someone you know is looking to buy or sell a home during the holiday season, don’t hesitate to reach out to us today. To learn more, watch this short video.
Recently, there’s been a lot of talk about the direction of interest rates. Given the recent increases and the projection that rates will continue to rise, many are wondering how this will impact their buying and selling goals. Truthfully, affordability for buyers and sellers alike has been (and will continue to be) impacted by rising rates. Those who are interested in buying or selling may want to consider making their move soon in order to capture rates before they increase again. To hear our full message about this, watch this short video.
What’s going to happen to our fall market as we move through October and head toward November? During this time of year, we tend to see a lot of properties come off the market and become rentals. Inventory has also been building prior to this point, so we should start to see it diminish until the end of the year before it picks back up again in January. If you’re still interested in selling your home in 2018, this means now might be a great time to do so because there’s a lack of competition. To get the full scoop from our fall market, watch this short video.