What Buyers and Sellers Should Know About Our 2018 Market

Looking to buy a Chicago home? Get a Full Home SearchSelling your Chicago home? Get a Free Home Price Evaluation Welcome to our first market update of 2018. Back in 2017, we saw over $5.3 million in sales. As for 2018, current projections predict we will see $5.6 million. Additionally, we’re expecting to see an appreciation rate between 2% and 3%. According to David, last year was very busy. Supply was low and buyers had a tough time finding homes. Now, the economy has gone up tremendously, and the Fed already raised rates a couple of times last year. This year, we can expect rates to rise again. Rates are expected to rise around March and then probably again in June or July. Still, rates aren’t bad at all right now. They are currently hovering in the 4% range.  “ Whether you’re looking to buy or sell, right now is a great time to do so. ” Keeping these factors in mind, it is a great time to buy or sell right now. Rates will always fall and rise, so it’s a great time to start looking for a home. Also, sellers currently have the opportunity to take advantage of our low inventory market. If a home purchase is in your future and you are looking to get pre-approved, call David at (708) 705-7911 or email him at [email protected]. As always, if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.