2013 was a great year to be a homeowner and economic factors are shaping up nicely for 2014 as well. In the greater Chicago area, total home sales jumped 23% in 2013 which greatly outpaced the national average of 9%. Median prices in Illinois increased almost 14% during 2013. Combining those ideas means more homes were sold at higher prices. It’s a great time to be a home owner!!
It’s not too late to get in on the recovery in the housing market. With jumbo loans readily available again without an up-charge in interest rates like we saw during the recession, mortgages are most likely available for the home you want. That being said, during 2013 the 30-year fixed mortgage interest rate rose from 3.32% to 4.27%, and many economists are predicting interest rates to move higher in 2014. Rising rates means more cost to you, the home buyer–and more cost the longer you wait.
Many factors go into buying a house, and only some of them are these economic and financial factors. If you’re evaluating whether or not to make a change in your housing situation, let us help. As always, our goal is to help you be where you want to be.
If you’d like to do more research on this topic on your own, here are some links to related articles:
http://chicagoagentmagazine.com/chicago-posts-best-price-increases-26-years-nov-case-shiller/