Chicago Illinois Real Estate Blog and News

Should You Sell Now or Keep Renting?


Here’s my advice to home sellers who are worried about becoming buyers.

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In a hot market like this where home values keep rising and rising, a lot of homeowners are asking if they should still sell today even if they won’t be able to find a new home right away because of how low the inventory is.

In my opinion, right now is a great time to sell even if it means you have to rent for a while before you’re able to find your new home. I recommend having an agent come out to your home, assess its value in today’s market, and give you an insight into what might happen if you wait versus if you were to sell now.

If you want to sell at the height of the market, the time might be right now. If you have any questions about your specific situation or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

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How Rising Rates Affect Homebuyers and Sellers


Higher interest rates can (and already have) affected homebuyers.

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If you’ve been keeping an eye on the real estate market, you’re probably aware that interest rates have gone up by 1% since last month. What does that mean for you? To keep it simple, if you were pre-approved to buy a house a month ago at $300,000, today you would only be approved for $270,000.

The general rule of thumb is that a 1% increase in the interest rate decreases your buying power by about 10%. This affects home sellers, too. Their pool of buyers shrinks as rates go up, and housing values will go down as well.

We could absolutely see a change in this market due to an increase in rates, so we’ll make sure to keep an eye on it for you moving forward.

If you have any questions for us about interest rates or real estate in general, don’t hesitate to reach out via phone or email today. I look forward to hearing from you soon.

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