04/08/2021
Mortgage rates dropped this week, following the trend of the 10-year Treasury yield. Freddie Mac reported today that the average rate on the 30-year fixed rate home loan fell to 3.13% from 3.18% the previous week. http://ow.ly/yGFv50EjPns
Nationally, home prices are rising at the fastest rate in 15 years: They rose 11.2% in the year that ended in January. Chicago is no exception. The Chicago Metro are is up 12.5% in the Median home price since last year.
Why is this happening? Two reasons: the mortgage rates are historically low right now, and as a result, people who have been waiting to buy are entering the market. Additionally, the housing inventory is low. Due to high unemployment nationally and fear of the future, people are acting with caution when it comes to selling their homes.
What does that mean to you? If you’re thinking about selling, now is the time. Don’t wait. Inventory is very very low and the appreciation is very high. You will be getting top dollar for your home if you sell right now. I’m personally aware of one house that got 36 offers. This is what drives up prices and will get you top dollar for your home.
If you’re worried about selling your home and not being able to buy a new one, you can make use of Bridge and HELOC loans. These are short-term or long-term loans that use the equity in your current home in order to finance a down payment on your new home. You can make a contingency-free offer that will be more attractive to sellers.
Need more advice? Let Tricia work with you. Call her today at (312) 485-1382 or visit http://www.mykeymortgage.com/tricia-mclaughlin to start a loan application.
