As your Chicagoland real estate agents, we want you to know that right now is an excellent time to buy a home! Mortgage rates have remained low, but they are predicted to rise over the next 12 months. The sooner you buy, the more you could save on monthly mortgage payments. Home prices are also rising, which is a good reason to buy soon. Rents are rising even faster, so now is the ideal time to switch to homeownership in the North Suburbs of Chicago!
While now is a great time to buy a Chicagoland home, the inventory of homes for sale is a little tight. When this happens, the Chicago real estate market is referred to as a seller’s market. To help you out as a North Shore homebuyer, here are some tips to ensure that you succeed when buying a home:
- Check your credit. Before beginning a search for your Chicagoland dream home, check your credit report. If you find any errors, work on getting them fixed, so they don’t affect your credit score. This could take some time, so start early. If your score is lower than you’d like it to be, work on paying down debt and improving your score.
- Get preapproved. Many home sellers won’t even consider working with you if you aren’t first preapproved. This takes a huge step out of the closing process down the road. It also allows you and the seller to know exactly how much you can afford. This saves you both time and energy! You’ll know exactly which homes in the Chicagoland real estate market you can buy.
- Stay within budget. Once you begin your home-buying search, you should search Chicago and North Shore homes within your budget, or below your budget, especially during a seller’s market. Bidding wars often take place among multiple buyers interested in the same home, so you might have to bid higher than the asking price.
- Move quickly. As a serious Chicagoland homebuyer, be prepared to move through the home-buying process quickly. If lenders ask for documents, get back to them quickly. If you see a home you love, make an offer quickly, before another buyer snatches it up. If the seller accepts your offer, be prepared to close quickly and to follow the terms of the seller.
- Make an offer. Don’t be afraid to make an offer on a home that you love! As your Chicagoland real estate agents, we’d love to help you out with this. We know what other homes in the area have been listing and selling for, so we can help you determine a fair and competitive offer to make. In a seller’s market, it might make sense to make your first offer your best offer.
Harty Realty Group
Chicagoland’s Premier Buyer Agent