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© Jake Tasharski | Chicago | Illinois

JAKE TASHARSKI IS A REAL ESTATE AGENT AFFILIATED WITH COMPASS, A LICENSED REAL ESTATE BROKER WITH A PRINCIPAL OFFICE IN CHICAGO, IL, AND ABIDES BY ALL APPLICABLE EQUAL HOUSING OPPORTUNITY LAWS. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. INFORMATION IS COMPILED FROM SOURCES DEEMED RELIABLE BUT IS SUBJECT TO ERRORS, OMISSIONS, CHANGES IN PRICE, CONDITION, SALE, OR WITHDRAWAL WITHOUT NOTICE. NO STATEMENT IS MADE AS TO ACCURACY OF ANY DESCRIPTION. ALL MEASUREMENTS AND SQUARE FOOTAGES ARE APPROXIMATE. THIS IS NOT INTENDED TO SOLICIT PROPERTY ALREADY LISTED. NOTHING HEREIN SHALL BE CONSTRUED AS LEGAL, ACCOUNTING OR OTHER PROFESSIONAL ADVICE OUTSIDE THE REALM OF REAL ESTATE BROKERAGE.

4 Predictions for the 2014 Housing Market

January 29, 2014

2014 is looking to be a great year for Real Estate in Chicago. The biggest frustration for buyers last year was lack of inventory. As prices continue to rise more sellers are coming back online as they get closer to breaking even, or even making a profit. Buyers should not anticipate a huge influx in inventory or the ability to low ball though; demand is still there and it's still a sellers market.

 

Increasing home values equals an increase in positive equity. Depressed owners should be excited to see an upswing in values. Just keep in mind, the more inventory for buyers the less your home will rise in value. It is all about finding that sweet spot in the market to take advantage. 

 

Mortgage rates are still crazy low. I recall my parents purchasing their first home at closer to 10% interest. Sure 3% is better than 4%, but 4% is still better than 5 and 5% better than 6. Don't wait to see if the rates go up - they will. If down the road they drop again you can always consider refinancing at a lower rate. 


Lastly, what goes up must go down and what goes down must go up. Although homes in Chicago are still affordable (generally speaking), they are becoming less affordable. Many neighborhoods saw a 10% increase in median sales over last year and although i don't forshadow them jumping another 10% by next year prices are still on the rise. Now may be your best chance to secure your dream home. 

 

To learning more about the market or if you are interested in chatting about your real estate needs please feel free to use the contact form.

 

 

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