4 Reasons Why 2019 IS The Year to Make a Move – Chicago Real Estate Experts

Chicago….If you’ve been on the fence about buying a home, 2019 will be the year to take the plunge! See below on why:

1. Rents will still hurt

Celebrate 2019 with The Ian Schwartz Group – Coldwell Banker 

Rent prices are expected to continue to climb in the new year, which means in most cities like Chicago, buying will be cheaper than renting. Even though mortgages could get more expensive, buying might still be the better deal. Interest rates would need to rise to around 6.5% for the cost of buying to equal that of renting on a national level, according to housing economists at Trulia.

2. Home prices will finally calm down

Real estate values have been on the rise for a while, but are likely to slow their pace next year. Prices are expected to rise 3.5%, according to Zillow’s Chief Economist.

Buyers who’ve been stuck behind the wave of rising prices may finally get the chance to jump in. And that could lead to a flood of buyers, said chief economist at Realtor.com.

“We have the potential for about six million home sales just through the months of April through September; that is basically impossible to do,” he said. But not everyone will be in a position to take advantage. Despite the slowdown, Zillow still expects home values to outpace wage growth, which can make it tough to afford a home, especially for lower-income buyers. Plus, prices in the country’s hottest markets — like San Francisco, Boston and New York City — aren’t expected to pull back as much next year.

3. More homes will hit the market

The slowdown in home prices will prompt more owners to list their homes, Smoke said, giving buyers more choice. “Because of the price appreciation they have experienced, you will have more sellers put homes on the market next year,” he said.

Related: How to buy a home without a 20% down payment

The new home market is also expected to grow in the coming year with builders focusing more on the starter and middle-range homes, which will also boost inventory and make it easier for buyers.

With more homes on the market, bidding wars will become less common and prices could ease even more.

4. Dirt cheap mortgages could disappear

The Federal Reserve is widely expected to begin increasing interest rates soon, which means the window for record low mortgage rates is closing. While rates are expected to go up gradually, higher rates push up borrowing costs and monthly mortgage payments. More details can be found HERE.

With over $50,000,000 sold in 2018, Ian Schwartz with the Ian Schwartz Group is determined to once again surpass expectations in 2019! By providing outstanding, client-driven service, Ian and his team pride themselves on leaving no stone upturned until each and every real estate transaction are done earning trust, loyalty, and friendship of those they assist. See why in 2019…everything we touch turns to SOLD!

 

 

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About ianschwartzgroup

With the Ian Schwartz Group you will have all your bases covered. Ian and his associates combine forces to ensure that your overall real estate experience is outstanding. Ian has sold over 500 million dollars of real estate, including sales in excess of 55 million dollars in 2015 and sales in excess of 50 million dollars in 2017. He is consistently in the top 1% of agents in the Chicago Association of Realtors and in the top 1% of Coldwell Banker agents nationally. If you are a buyer, no stone will be left unturned to find you the perfect home. If you are a seller, Ian and his team will pour their hearts and souls into effectively marketing your home online and in print to have it seen by the largest audience possible. They will take all necessary steps to bring qualified buyers in the door and close the sale.

Posted on February 1, 2019, in 2018 real estate predictions, chicago homes for sale, Chicago Real Estate, Chicago Real Estate News, Chicago Real Estate Statistics, Chicago top selling realtors, Ian Schwartz Group, Luxury real estate in Chicago, Top Ranking Chicago Realtors, Top Selling Chicago Realtors and tagged , , , , , , , , , . Bookmark the permalink. Leave a comment.

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