The tell-tale North Shore signs are all there. Real estate sales on Chicago’s North Shore have picked up considerably and recent housing reports support that. Low interest rates, enticing price points, and buyers prepared and enthusiastically ready to invest in North Shore real estate are well under way; maintaining the path to full housing recovery. But for the leery, I’ve outlined seven reasons why right now may be one of the best times to buy in history:
Predictability. Unlike paying rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer.
Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.
Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.
Equity. Money paid as a renter is money that you’ll never see again, but mortgage payments allow you to build equity ownership interest in your home, that builds over time.
Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
Freedom. The home is yours. You can decorate, remodel, or add-on any way you want and benefit from your investment for as long as you own the home.
Stability. Remaining in one neighborhood for several years gives you a chance to participate in community events, lets you and your family establish roots, lasting friendships, and offers your children the benefit of educational consistency.
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Use our Coldwell Banker Residential Brokerage office located in Glencoe, Illinois-60022 as your guide. Our experienced North Shore realtors can provide additional detail on buying or selling a home. Let our 45+ years of legendary service, top volume, and award-winning results speak for themselves.