For Some, Buying a Home in Chicago Rates a Second Look
If you find yourself suddenly revisiting the idea of buying a home in Chicago, it won’t surprise you that you’re not alone. Lately, it’s seemed as if the stars are continuing to align to draw more and more people—first timers as well as those who are already Chicago homeowners—to make that decision. Last week ended with yet another inducement to point people in that direction.
The impetus didn’t arise from any local Chicago real estate event—although the traditional residential real estate busy season always helps spur activity. It came with an unexpected stock market rally that was universally attributed to an increase in the odds that the Federal Reserve was all but certain not just to hold interest rates steady—but to actually lower them further. The reason for the relative certainty came from a multiplicity of other market factors that pointed at a slightly negative market outlook. In the reverse tides of the financial world, that bad news is good when it’s likely to force the Fed to ease the cost of borrowing. As MarketWatch celebrated, “Get out the scissors—Barclays forecasts a half-point rate cut in July.”
Of all the factors that make buying a home in Chicago a tempting proposition, the back-of-the-envelope arithmetic that yields a monthly mortgage number that fits House A or House B inside the household budget is the most persuasive. When last week ended with all hands indicating that mortgage interest rates are poised to do just that, it provided a new reason to revisit this season’s Chicago listings. Some homes that had seemed beyond reach might soon be doable—it certainly seems worth another look. For Chicago home sellers, too, when more buyers are newly able to afford a given price point, the effect can be electric for the market.
If you are among those who have noted the new possibilities, giving me a call will be a simple way to do the new reality check. You’ll find that this season’s offerings are well worth taking a look!
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