The April numbers are in and Chicago’s home prices are up once again. The data shows residential real estate up 9% in April 2013 vs. the same time last year. This is the sixth consecutive month of price increases.
Whether you are looking to buy or sell, I do think that now is a good time to act for different reasons.
For buyers: interest rates are still low, and home prices overall are still down significantly from 2006 and very reasonably priced. In buying now, this summer, you can lock in the still low long term rates, on still reasonably priced homes or condos.
For sellers: given that interest rates are now rising and many people predicting rates to rise significantly more in coming months, the strong increases in home prices may not be sustainable. The market is cooling and you might be looking at getting the same price next year that you can get right now. So if you are looking to sell, better do it now than sit on the property for another year.
Give me a call if you would like to discuss further and I can give a detailed analysis of the market for the size of home and area where you are looking to buy, or a comprehensive comparable market analysis for the property you are looking to sell.
source: S&P/Case-Schiller Chicago data