The holidays have passed and the Big Event… Super Bowl Sunday has arrived. All red-blooded American’s are ready for Super Sunday. Consumers traditionally start their home search right after Super Bowl Sunday and it should not be different this year.
This year, we need to let people know that we’re having our own sale in the real estate industry. Home prices have become incredibly reasonable, and with interest rates at historic lows, home affordability has reached nearly unprecedented levels.
In many cases, it’s actually become cheaper today to buy a home than to rent, because rents are now soaring in many locations. Years from now, I truly believe we will look back at this market as a golden era for home buying. It’s not as easy as it once was – you need good credit and a solid down payment – but if you’re in the position to buy this is as good as it gets.
From October thru December the number of homes selling in the Chicago land area was up from the previous year. The increased activity is partially due to sellers, who – like those holiday retailers – have become smarter about pricing competitively.
Lenders have also helped the market by being more willing to work with homeowners to modify loans, facilitate short sales, and explore other ways to avoid flooding neighborhoods with foreclosed homes.
Following a steady decline in tandem with the national recession, home prices also appear to be stabilizing. We may or may not have reached the absolute bottom of the market, but it’s doubtful that we’ll see another big drop. That frees up buyers to enter the market without having to worry about accumulating negative equity.
While we’re not back in the halcyon days of real estate by any stretch of the imagination, the national inventory of homes on the market is slowly shrinking, and industry experts are predicting gradual improvement in the housing market in the coming year. Absorption rate for homes in the suburbs is down from the previous year.
This is the time to encourage the people you know to take advantage of the sale going on in the housing market. Just like those holiday door-busters, it’s for a limited time only. The Sale is on… let the public know there is no better time to buy then today.
Enjoy Super Bowl Sunday and get ready for the surge of buyers as well as sellers. The Spring Market is what you make it. It starts the Monday after Super Bowl Sunday.
Article by: JACK PERSIN, Managing Broker, Ryan Hill Realty. Jack can be reached at [email protected]