A good time to buy or sell a home? A majority think so
Thinking of buying a condo or single-family home in Chicago? You’re not alone. A recent survey from the National Association of REALTORS® found that more than half of respondents said that now is a good time to buy a home.
According to the survey, 63 percent of respondents said they believed that now is a good time to buy a home. Of those respondents, 34 percent said that they believe that strongly.
Sellers are optimistic, too. The association’s survey found that 74 percent of respondents said that this was a good time to sell a home. Of that percentage, 45 percent said they strongly believe that now is a good time for selling.
Why the positive feelings? It could be that mortgage interest rates remain so low. When interest rates are low — and they certainly are now — it’s more affordable to borrow mortgage money. At the same time, the U.S. economy remains strong and unemployment remains low. That, too, could make buyers more confident in the U.S. housing market.
Of course, income does play a role in how confident buyers are. The association’s survey found that 54 percent of respondents with yearly incomes under $50,000 thought this was a good time to buy a home. But a higher 64 percent of respondents with incomes in the $50,000 to $100,000 range said they thought now was a good time to buy a home. And a whopping 72 percent of those with an income of $100,000 or more said that this was a good time to buy.
If you’re ready to buy or sell, be sure to work with a Chicago REALTOR®. This professional can help make either process a more profitable and less stressful one.