Will Tveit - Real Estate | My Blog - Market Conditions | willtveit.com

Recently, I've been asked by friends, prospects, and acquaintances, as well as former and current clients about our current market, specifically what's going on?  Well, folks, we seem to be entering a buyer's market. To better understand this market, let's first look at the current real estate conditions: 1. Prices at all-time highs For the past several years, home prices grew at twice the rate of inflation and faster than incomes. Not surprisingly, we are now at record price levels. However, price growth has definitely been slowing over the past several months. And we're even seeing some softness in the market, with an increasing number of price cuts. 2. Mortgage rates rising The current 30-year fixed mortgage rate stands at 4.63%. That's almost a 1% increase over just a year ago and the highest level we've seen since 2011. 3. Dropping affordability and demand Combined with current high prices, the rise in mortgage rates is causing a decrease in affordability. Earlier in the year, affordability was estimated to be at a 10-year low. Not surprisingly, this is having an effect on demand, with mortgage applications down 16% over last year. When these factors are viewed together, there appears to be a fundamental shift in the market. Home price growth is slowing, and home prices might eventually start to decrease. Mortgage rates are expected to continue to grow. And if that happens, we will slowly but surely enter a market where buyers, not sellers, have the final say. So what does this mean for you? Well, if you're looking to sell, it means the time to act is now. Around Chicago, I still see a lot of demand for homes. However, over the next several months, it's likely that national trends will catch up with us here in the Chicago area as well. The good news is, you have an opportunity to act before this happens. If you decide to list your home this winter, you might benefit from the current high prices as well as the solid demand around Chicago. In other words, you could sell quickly and for top value. In case you’re considering it, you can get more info on what your home is currently worth by filling out this home evaluation form: Enter your home address here to find out what your home is currently worth And if you are ready to get the process rolling while this opportune moment still lasts, give me a call. I'm here to help. Have a great day,

Tveit Tips for Buyers & Sellers: The Spring 2017 Market Starts in January! Be Prepared - Contact me NOW!

ATTENTION BUYERS, SELLERS & INVESTORS!

If you or anyone you know is either moving to, from or within Chicago or the North Shore, contact me! 🏠

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Will@dreamtown.com | 312.498.8348

Will Tveit | Real Estate | Chicago & North Shore

WillTveit.com | Buy - Sell - Invest

Will@dreamtown.com | 312.498.8348

WillTveit.com | Buy - Sell - Invest

Will@dreamtown.com | 312.498.8348

WillTveit.com | Buy - Sell - Invest

Will@dreamtown.com | 312.498.8348

Rent or Buy: Either Way You’re Paying A Mortgage

There are some renters that have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either your mortgage or your landlord’s. As The Joint Center for Housing Studies at Harvard University explains: “Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return.   That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.” Christina Boyle, a Senior Vice President, Head of Single-Family Sales & Relationship Management at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent: “With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.” As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity. The graph below shows the widening gap in net worth between a homeowner and a renter: Bottom Line Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, owning might make more sense than renting.   I’m an expert in providing a rent vs buy comparison to any possible leads looking to buy.    Let me help you make three to four more sales this year. WillTveit.com  |  BUY - SELL - RENT - INVEST  |  Will@DreamTown.com WillTveit.com  |   BUY - SELL - RENT - INVEST  |  Will@DreamTown.com

  WillTveit.com  |  Buy  -  Sell  -  Rent  -  Invest  |  Will@dreamtown

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  1567 Maple Avenue, Evanston, Illinois  60201

WillTveit.com |  Will@dreamtown.com

WillTveit.com |  Will@dreamtown.com

WillTveit.com |  Will@dreamtown.com

WillTveit.com |  Will@dreamtown.com

Buy◾Sell◾Rent◾Invest

 WillTveit.com | Realtor | Chicago - North Shore 

 WillTveit.com | Realtor | Chicago - North Shore 

         

Evanston & Chicago Real Estate

Church Street Station Condominiums | Downtown Evanston 

1640 Maple Avenue, Evanston, Illinois 60201 
Will Tveit | MBA - Broker - Realtor -Agent 
Dream Town Realty | North Shore 

Downtown Evanston, Illinois

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    Church Street Station Condominiums - 1640 Maple Avenue, Evanston, Illinois 60201

Church Street Station Condominiums - 1640 Maple Avenue, Evanston, Illinois 60201  

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View from Church Street Station Condominiums - 1640 Maple Avenue, Evanston, Illinois 60201

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Will Tveit | MBA - Broker - Realtor - Agent
Dream Town Realty | Chicago & North Shore
1599 Maple Avenue, Evanston, Illinois 60201

 FOR RENT:   37th Floor Efficiency/Studio:  $1,400 per month!

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The New York Private Residences | Lakeview - Chicago

3660 N Lake Shore Drive, Unit 3712

The New York Private Residences | Lakeview - Chicago
$1,400 per month

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The New York Private Residences | Lakeview - Chicago
$1,400 per month

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WillTveit.com  |  Will@DreamTown.com

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Good to know: Will Tveit is your real estate expert!

Residential Styles | Let me find your dream home! Will Tveit | MBA - Broker - Realtor - Agent | Dream Town Realty Chicago - Evanston - North Shore