Despite aspects of sluggishness in the Chicago-North Shore real estate market, one group continues to be active and thriving : buyers or sellers with or without families, who are bent on upsizing for space, walkable communities, and better school districts.
The following questions will help you decide whether you’re ready for a North Shore home that’s larger or in a more desirable area. If you answer yes to the majority of the questions, it’s a sign that you may be ready for a move.
- Have you outgrown your neighborhood? The Chicago-North Shore neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for the long-term. For example, you may have realized that you’d like to be closer to your job, life style conveniences or live in a better school district.
- Are you comfortable moving in the current North Shore housing market? If your area is showing continual progress in home sales, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.
- Have you built significant equity in your current North Shore property? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.
- Has your income or financial status improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving and moving up.
- Is there a reason why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your city doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best next choice.
- Do interest rates look attractive? A low mortgage rate not only helps you buy a larger home, but also makes it easier to find a buyer.
Visit http://www.gloriamatlin.com for community comparison and market snapshot data. You may also stop by our North Shore Coldwell Banker office for information on mortgage rates, loan options, market reports, data and outcomes statistics..640 Vernon Ave, Glencoe, IL 60022