Page 54 - May2021

An article from a Chicago Lodge 7 Magazine sponsor
Homes across Chicagoland are in high demand
With the warmth of spring comes a flurry of buyers excited to take advan- tage of new homes on the market. And this year is no different. In fact, home prices are much higher than the previous year. What’s spurring
this phenomenon? Multiple factors such as historically low
rates and decreased home in- ventory are big contributors. And after a year when we’ve stretched our homes further than ever, many
buyers are inspired to look for more multi-use spaces.
It’s a seller’s market
While many buyers are out looking, we’re seeing a lower- than-normal inventory of homes on the market. A low-inven- tory market is known as a “seller’s market,” as it creates high demand and often multiple offers. Sales cycles are also quick, with the most desirable homes selling in just days on the mar- ket and others under contract before they even hit the market. If there was ever a time to make a healthy profit on a home sale, spring 2021 is it.
What about buyers?
With homes selling so quickly, what’s motivating buyers?
Rates continue to stay low, enabling buyers to afford more home for the money. For example, a $2,000 payment (principal and interest) at 4.4 percent gives you a $400,000 mortgage, while the
same payment at 3 percent gets you a $475,000 mortgage. Increased buying power might result in increased square footage, enhanced finishes or the opportunity to buy a
home closer to more desired amenities.
What to expect
CHERYL BELLAVIA
CAMILLA PAPAIOAN- NOU
Real Estate
Mortgage rates often dip in turbulent times and rise as conditions improve. With the widespread availability of the COVID-19 vaccine, we may see rates begin to move up. If you’ve been thinking of making a move in the market, it’s best to reach out to mortgage and real estate professionals to review your individual situation. Your realtor will be able to provide you with invaluable data about what buyers are paying for homes like yours. And your mortgage lender can map out a personalized budget for your next home and give you the nec-
essary preapproval to move forward in your search.
If you’re looking for two local, dynamic professionals, look no further than realtor Cheryl Bellavia and lender Camilla Papa- ioannou. Contact Cheryl at cheryl@dreamtown.com or 773-383- 1595. You can also log on to bellahartgroup.com. Camilla can be reached at 312-656-9411 or camilla@giangrandeteam.com.
54 CHICAGO LODGE 7 ■ MAY 2021