Page 53 - February 2020 FOP Magazine

A contribution from a Chicago Lodge 7 Magazine sponsor
What to expect from the 2020 Chicago real estate market
We saw a fair amount of movement in Chicago real estate in 2019. There was a surge in housing demand, inventory in the market has grown and mortgage in- terest rates are at historic lows. Will 2020 hold more of the same? There’s no guarantee, but let’s explore some predictions for the new year.
Chicago will remain a “buyer-friendly” city
Recently ranked one of the top buy- er-friendly cities in the country — Chicago came in No. 2, just behind Albany, New York, buyers will have plenty of inventory to choose from when they start their home search. Ac-
this is an opportunity you should leverage. Current homeowners may want to consider refinancing to lock in a lower rate, while buyers will have more purchasing power.
Homes may be on the market longer
With the increase in inventory that the Chicagoland area has ex- perienced over the last year, it’s important to know that most homes won’t sell in their first weekend on the market. There are more options on the market for buyers to choose from, so it’s important to price your home correctly from day one. While lower interest rates may make homes more affordable for today’s buyers, rising property taxes in the city can have the opposite effect on the affordability of
homes in the Chicago market.
Working with a local real estate expert will ensure you have
all the information you need to successfully sell your home in the new year. Your realtor can provide you with your home’s current market value and build a strategy to guarantee that your asking price is competitive in a buyer’s market.
Lisa Sanders of Dream Town has been selling real estate for more than a decade, averaging at least 50 homes a year. Her awards in- clude a Chicago Association of Realtors Top 1% Producer and the Five Star Professional Award for exceptional client service. She was featured in Crain’s Chicago Business as one of the most notable res- idential realtors in Chicago. Lisa is also the No. 1 Realtor in 60656 and a top-selling broker in 60631 who has helped many Chicago Police Department clients buy and sell homes throughout the city.
LISA SANDERS
cording to research compiled in June 2019 by Realtor.com, Chicago had approximately a six-month supply of homes for sale. This was a higher level of inventory compared to other met- ro areas across the U.S. and indicates a fairly balanced housing market. This also comes after several years of unusually low home inventory in Chicago that forced many homebuyers into compet- itive multiple offer situations, so buyers can finally breathe a sigh of relief.
Mortgage rates will stay low
Rates currently are sitting around 3.75 percent, nearly a 1 per- cent difference from the monthly average a year ago and histori- cally low compared to the last few decades. This drop in interest rates caused a surge in refinancing and an increase in home pur- chases in 2019. Experts predict that rates will hold, or even drop lower, in 2020. As a current or prospective homeowner in the city,
Real Estate
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CHICAGO LODGE 7 ■ FEBRUARY 2020 53