Making a big move in a pandemic may seem like a risky decision. Times are uncertain, and you may feel hesitant about your money being well spent.
2021 is the year to take the leap! Now is a great time to stretch your investment and get the home of your dreams. Here’s why you should buy or build your custom dream home in the Chicago suburbs.
Low Interest Rates
Have you been watching the real estate market or speaking with lenders? Interest rates right now are, in a word, shocking! Mortgage rates are historically low, hovering at or even under 3%.
Lower rates mean your budget goes even further. It reduces your monthly payments, empowering you to buy a bigger, better house that’s much more affordable.
And if this past year has taught us anything, it’s that you should love the place you spend the most time in. Your home has become the new gym, workplace, restaurant, school, hair salon, bakery, and more. So moving into a home that fits your new lifestyle is a smart investment — especially before interest rates climb again.
Housing Costs Are Rising
For years home prices have skyrocketed, and this isn’t expected to change. December set an all-time record high for median home costs. The median listing price of Chicago houses in December was $370,000. This is an increase of 9.1% from the same time last year.
The increase in house prices may be attributed to the surplus of buyers and not enough homes. Sellers definitely have an advantage at the moment. The shutdowns of last year halted a lot of new construction, but we’re now seeing this pick back up…
More Houses Available
Prices may continue to rise, but we forecast more homes on the market in the coming months and years.
New residential construction is back on schedule, so more properties are hitting the market. Building for single family homes spiked towards the end of last year, despite a dip in permit requests. Contractors are currently catching up on a backlog of housing projects.
So while prices do climb, you have more options to choose from. And with a custom new construction home from Overstreet Builders, you get the control of choosing the best features to fit your needs, not to mention the peace-of-mind that comes with buying a brand-new home vs. a resale.
Chicago Property Values
We’ve established that now is the right time to invest in a home, but why the Chicago area? Chicago continues to be a desirable destination for career-minded individuals. Large companies, non-profits and startups are finding their home in the Windy City. That means job opportunities are plentiful.
As employment opportunities increase, property values and desirability of the area increases too. While you may not want to live directly in the city, Chicago has plenty of appealing neighborhoods just a short drive away. There are many benefits of moving to the Chicago suburbs. These quaint communities offer peace, space and opportunity that just might be the right fit for your family.
Are you ready to invest in a forever home near Chicago? Overstreet Builders would love to craft the right home for you and your family! Contact our team to get into the home of your dreams in 2021.