IAR has updated its fact sheet “9 Facts You Should Know About Today’s Illinois Real Estate Markets.” With the end of the tax credit, today’s market offers numerous opportunities for first-time and trade-up buyers. With the economy on the upswing and consumer confidence increasing due to improvements in the labor market, there is movement afloat in housing. This means the creation of new households and, thus, a return of buyer demand as they see home values stabilizing.
There are facts you will want to share with your current or potential clients. Illinois REALTORS®, order your free copies of “9 Facts” in quantity from the IAR REALTOR® Store or download “9 Facts” from www.yourillinoishome.com. Here are two:
#1—Grab a low interest rate while it’s still here. Mortgage interest rates remain at historic lows, but they are on the rise. A quarter percent change in the interest rate can mean tens of thousands of dollars in costs over a 30-year mortgage. For example, an increase from 5 to 6 percent on a 30-year $200,000 loan can change the monthly payment of principal and interest by $125, an increase of 11.6 percent.
#2 – Today’s market offers great opportunities for first-time and trade-up buyers. If you’ve been thinking about buying your first home, a move-up home or a second home—or find you have to relocate—current inventory levels plus historically low interest rates and affordable prices make this an excellent buying opportunity.