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9 Facts About The Illinois Real Estate Market


ALL GOOD THINGS MUST COME TO AN END!

I took that photo at Danada in Wheaton.  It clearly shows how short lived a beautiful bloom lasts for.  However, not so with the real estate market.  Today is such an awesome opportunity to buy a home.  I am getting tired of the violin music playing and the hum drum attitude that I (like most agents) allowed myself to fall victim to.  I say lets get out there and MOVE these homes!  Listed below are examples of why there is plenty to be excited about in today's market.

9 Facts You Should Know About The Illinois Real Estate Market

  1. Affordability is at a generational high.
  2. LOW interest rates (rates now are in the low 4's and expected to rise to near 6% by 2012.
  3. Many opportunities for first time buyers, trade ups or investment buyers.
  4. Seller's MUST set price appropriately.  Now more than ever it's crucial to be in the market and not following it with numerous price reductions.  Naperville now has an inventory of approximately 11 months!  That means if not one more home was listed there is enough to last that long.  WHY be one of the lagging listings?
  5. What a seller may lose on the sale of their home will be made up of the buying side.
  6. Good credit, stay within your budget.  Lending rules have tightened.  Buyer's need to visit a lender, get pre-qualified and know their FICO (credit score).
  7. There are GOOD affordable mortgages available.  Check out, http://www.fha.gov/ or http://www.hud.gov/ for more information.
  8. Owning is better than renting over the long term.  It's an investment to own a home.  When you rent you simply help someone else build equity on their investment property!
  9. It's smart to consult a real estate agent.  More than ever with so much changing at a rapid pace, it's crucial to be well informed and understand the current market conditions in your area.  Your professional of choice should be your trusted advocate.   For more information visit http://www.yourillinoishome.com/


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