3 Reasons to Buy a Luxury Home THIS Year!

Posted by Andreas Holder on Monday, July 4th, 2016 at 12:18pm.

The U.S. housing market is hot, with prices still rising as demand outpaces supply in almost every region, including Chicago. However, on the luxury market, things look a little different. In the high-end market, there is plenty of inventory in the city. 

It is for that reason that prices have not increased the same as in the lower and mid-tier markets. This, coupled with historically low interest rates, creates an ideal buying opportunity for the luxury home you've always dreamed of.

Let's take a closer look at the three major reasons to buy now: 

1. There are more luxury homes for sale. 

In Chicago, inventory in the upper end is increasing, while it is decreasing at the lower and mid-tier price ranges. 

2. Prices are becoming more reasonable.

According to a recent Wall Street Journal article, price adjustments (reductions) have been more common in the luxury market than in other markets. This means that not only there is more to choose from but you may be able to get your dream house for less money as well.

3. Mortgage Rates are at historic lows.

One of the common drawbacks to buying a luxury property historically was the larger "jumbo" mortgage loans that carried higher mortgage rates. However, HSH.com just announced that jumbo rates set new record lows: 

"While conforming fixed-rate mortgages eased a little this week, 30-year fixed-rate jumbos declined enough to break into new record low territory (3.66%), besting the previous low set in April by two basis points. 

Bottom Line:

More choices, better prices and historically low mortgage rates may make this the perfect time for you to own the luxury home you and your family always dreamed about. 

To learn more about the process of buying a luxury property, contact Andreas Holder for a free consultation. 

 

Andreas Holder, Chicago Real Estate AgentAre you thinking about buying a home this year in Chicago? Andreas Holder can help! Let him be your guide to the downtown Chicago real estate market and help you find a home that not only matches your needs, but your lifestyle too.
Learn more about Andreas or start your home search now.

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