It's 2015. Mortgage interest rates are still historically low. 1000s of new rental apartments are added to the Chicago market every year, yet effective rents continue to rise. The city is experiencing great job growth, particularly in the technology sector. Savvy millennials are finally jumping the fence into ownership, revving and revitalizing the market.
Lets preface that everyone's needs are unique. In some cases renting is a more suitable solution and in others it's a no-brainer to buy. With interest rates at their current level and tax advantages of home ownership, owning is still quite a bit more affordable in most cases. This means more bang for your buck, more home for your money, and more of the lifestyle you desire.
The number one hesitation I get from would-be buyers is that they are not sure they can afford a place. Consumers still hold the notion that you need 20% down payment. They are concerned that student loans and other debts will impede them from being qualified. My answer to this can be summed up in one word - education. How do you know if you don't ask? Lender requirements and policies change on a whim so partnering with a qualified lender is the first step toward planning for your future. Even if you evaluate that a purchase is not immediately feasible there are resources available to help strategize a plan for achieving that goal.
The alternative? Continue renting. Expect annual increases of 3-8% that don't quite match up with raises and inflation. Adjust your quality of life to meet a demanding and volatile market. See no return on your money.
My goal this year is to educate and empower my clients to think not only about the now, but the future. Purchasing a home can be a stressful and tedious process but be assured it's almost always worth it. That said, I am here to assist clients with all needs. Whether you are in the market for a shiny brand new apartment or your first fixer-upper I am here to be your advocate along the way.
Questions or interested in pairing up with some of the industry's finest? Give me a shout: 312.646.0284