The Chicago real estate market remains strong as we head into fall. The steady demand for homes has led to a lack of inventory.
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We’ve got a quick update for you today about the Chicago real estate market, as well as a great mortgage tip from David Bowen.
As we head into the fall season, we are still seeing low inventory in places like Hyde Park and the South Loop. However, this low inventory is more due to the fact that demand is high. The average sale prices in some of these areas are now up over $1 million.
Demand for homes is high in many areas.
If you want to buy a home in one of these highly sought after areas, you can get financing in a few different ways. If the price is below $424,000, you can finance the home with a regular 30-year fixed mortgage. However, that’s not likely. David and Loan Depot offer a jumbo loan, which can cover up to $1.5 million. It requires a 10% down payment, but you won’t have to pay mortgage insurance. They offer this jumbo loan as a 30-year fixed product, which is almost unheard of.
Even though we’re well into fall, the real estate market is still not letting up. It’s been a crazy year out there. If you’re thinking about buying or selling a home in the near future, don’t hesitate to give us a call or send us an email. We would love to help out in any way possible.
