It’s August and that means we’re about to enter the fall market. August is one of the slowest months of the year in the real estate market, but a few things are going to happen very soon. First, market activity will increase. At the same time, we’re going to experience an off-year because of the upcoming election. This typically happens every four years. Whether you’re looking to buy or sell, I am happy to provide you with some insight about the market and what you should do as we head into the fall.
If you have any questions for me about the market or about real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
I have a quick market update for you as we head closer to fall here in Chicago. The people we’re working with right now are experiencing a bit of a slowdown at the end of the month, which is completely normal. Activity spikes in the spring and drops a little bit in late summer. However, the market is not dead yet. As we head into fall, the market will pick back up again. If you have any questions about the market in your neighborhood or about anything related to real estate, I’d love to be of assistance. Just give me a call or send me an email today.
You’ve probably heard that interest rates are currently quite low, but do you know just how low they truly are? For starters, the average interest rate for 15-year fixed mortgages is just 3%. For 30-year mortgages, the current average interest rate is approximately 3.25%. And if you’re seeking a jumbo loan or home refinance, you’ll be happy to learn that both of these loan types come with very low rates, as well. All in all, this makes now a great 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.
An email was sent out recently for me by a third party that was kind of gloomy. However, I want you to know that I’m an eternal optimist and I have a strong, positive message for you today. I’m at Stonehaven Mortgage and interest rates have just dropped down again.
From now until July 15, the market is going to pick back up again.
If you’re looking to sell, you might be thinking things are a little slow for this time of year. However, if you look back on past trends, you’ll see that this time of year is typically slow because many families are busy focusing on their children’s transition from school to summer camp. From now until July 15, though, the market is going to pick up again.
If you want more specific information on what’s to come after July 15, don’t hesitate to reach out today. I look forward to hearing from you soon.
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.