Date the Rate, Marry the Chicago House.

Have you been thinking about buying a home, but aren’t sure it’s worth the investment in this current market? You’re not alone. While it’s time for millennials and Gen Z to take their turn at homeownership, many potential buyers feel priced out of the market, especially with current interest rates. As home sales slow and the cost of renting is higher than ever (with no return on investment), you might be debating whether now is the time to buy. So, let’s look at the facts.

Rent is aggressively rising.

As of this past August, it was reported that the average monthly rent in the United States was $2,090, a 12.3% rise from the previous year. Altogether, a huge difference from the start of the pandemic, when the national average was $1,660. And with rising inflation, landlords are having to raise prices to match costs (like higher gas prices). In fact, one report shows 72% of landlords plan to raise the rent on one or more of their properties within the next year. So if today’s rent is pushing the budget, buying might be a long-term solution to set your future self up for success. 

Homeownership builds wealth.

Yes, interest rates are high, with the latest average around 7%. But think of it this way — when you’re currently renting, your interest rate is essentially 100% because you’re building zero equity. When you make a monthly payment to your landlord, you’re paying off their mortgage and helping them build their equity, rather than investing in yourself. If you buy a home, every monthly payment is building equity and is going to come back to you, especially as your home appreciates. And, historically, real estate, like the stock market, has proven to be a solid long-term investment. Therefore, investing in your property acts like a forced savings where you build equity as you pay down. 

Skilled agents can work within your budget. 

While interest rates may seem daunting, there are ways to get a deal that works for you, like looking into a mortgage buydown. A skilled agent can connect you with loan officers that find ways to work within your budget. 

Don’t miss out on your dream home. 

If you’re ready to leave the renting life behind, make the jump. I am here to help you navigate the entire process, from preapproval through move-in, so you get a deal that not only works for you, but also sets you up for future success.

CONTACT ME TODAY TO GET STARTED BY FILLING OUT THE FORM BELOW!

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WHO IS RI PRASAD?

We are one of Chicago’s leading providers of comprehensive real estate services. We are home to an ever-growing team of savvy & reputable local realtors who are community leaders, and customer-service-oriented staff. Whether you’re looking to find a new home, sell your home, or invest in your future; let us be your trusted real estate advisors.

“Real Estate isn’t just a profession, it is truly a obsession” - Ri Prasad