Real Estate Experts Agree: Now Is The Time To Buy A Home
March 18th, 2009 categories: Chicago Real Estate News
I’ve long held that this is a great time to buy a house.
Of course, not everyone believes me when I say that. They look at the struggling economy, the number of people losing their jobs, the up-and-down (but mostly down) stock market and the rising number of foreclosures. All of this, they say, means that it’s wiser to wait until more stable times to purchase a home.
But I look at these same facts and see the best buyers’ market that I’ve seen in decades. Just look at Chicago: Housing prices are lower than they’ve been since July of 2006. Housing inventory is high, so that buyers have plenty to choose from when they’re out looking for homes. Sellers are open to negotiating. And mortgage interest rates are approaching historic lows.
Then there’s this story that I found on the Web site of CBS News. Seems I’m far from alone in promoting this time as a great one for buyers.
The story quotes Ray Martin, a financial expert from CBS’ Early Show, who cited everything from falling housing prices across the nation to the new $8,000 tax credit for first-time buyers as evidence that this is a wonderful time to be buying real estate.
Martin also focuses on what should be the key for anyone buying a home: There’s no guarantee that prices won’t continue falling after you buy. But, if you plan on living in your home for at least five or seven years, the odds are strong that when you do sell your house will have appreciated in value.
That’s just the way it’s worked historically. And today, with prices lower than they’ve been in years, it’s a good bet – though, of course, there are no guarantees – that homes purchased today will see good appreciation in the coming years.
This especially holds true in the top neighborhoods of Chicago. Some of these neighborhoods, such as Lincoln Square, have continued to see housing prices appreciate even during the housing slump. Others such as Lincoln Park, Lakeview, River North, Bucktown and Wicker Park might have seen housing prices dip a bit, but are still areas where housing is a strong investment.
Buying a home in any of these neighborhoods is a wise decision, especially when, thanks in part to lower interest rates, you can purchase more home for your dollars. And remember, too, that a house is a more than a financial investment. When you purchase in a neighborhood such as Lincoln Square or Lincoln Park, you get to take advantage of all that these communities offer. That includes shopping, entertainment, great restaurants and strong communities.
Buyers in even these top neighborhoods, though, just can’t expect to purchase a home today then sell it next year for big profits. Those days are over. And good thing: We are now heading into a more stable, traditional real estate market.
By purchasing in Chicago’s top neighborhoods, you can be sure that you are making a solid long-term investment.
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