Singles Find Chicago Market A Welcoming One
July 26th, 2010 categories: Chicago Info/News, Chicago Real Estate News
The housing market may be a challenging one for sellers, but it’s not bad at all for buyers. And for single buyers in the Chicago area, today’s market is ideal.
The Daily Herald recently ran a story about the growing number of single buyers purchasing condominiums and single-family homes in the Chicago region.
This is a big change. It used to be that single men and women rented apartments. Today, though, a growing number of them are skipping the rental period altogether.
The reasons are many. For one thing, the median sales price of condominiums and single-family homes in Chicago and its suburbs has dropped during the housing slump. Chicago housing is more affordable today than it’s been in years. Single buyers can purchase more home for their dollars today.
Then there are the record-low mortgage interest rates. The average interest rate on a 30-year fixed-rate mortgage loan was still well under 5 percent as of the middle of July. That’s a terrific rate. For single buyers, it means they’ll pay less each month on their mortgage payments.
The Herald story also points out that the now-expired first-time homebuyer tax credit from the federal government, which provided a tax credit of up to $8,000 to buyers who were purchasing their first homes, encouraged a larger number of single buyers to enter the housing market.
There are other benefits to single buyers today, too. Sellers in Chicago and its surrounding areas are often desperate to move their homes. They’re often willing to lower their asking prices and make more concessions to buyers, all to help sell their homes in less time. There’s also a large inventory of condos and single-family homes on the market today. Simply put, buyers have plenty of choices when looking for a Chicago home today.
Personally, I think it’s a great idea for singles to purchase their own homes as soon as possible. Residential real estate in the Chicago area has traditionally retained its value. Though there are never any guarantees, single buyers who purchase today at what might be near the bottom of the local housing market will be well positioned to see their home purchase increase in value before they sell.
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