Autumn Real Estate Market Trends

Autumn Real Estate Market Trends

The housing market is just like anything else when it comes to change; it’s inevitable. And also, just like many other similar (and completely unrelated industries), it experiences seasonal shifts. This year is truly like no other, given the global health crisis that we have all had to deal with. This has made what was once seen as the simplest of chores difficult and, in some cases, impossible. With that in mind, here are a few examples of what is going on in the real estate market heading into fall:

Stable Interest Rates

Although many people were predicting that interest rates would stabilize at this time of the year, it ended up happening for reasons that had nothing to do with the original predictions. The sudden outbreak of the coronavirus brought home buying and selling to a halt. It did the same with the rest of the economy. The Feds took drastic measures to encourage real estate transactions.

Shortage of Entry-Level Homes

A lot of singles, married couples, and young families like to try and close on their first home before the holidays. There is something extra special about getting to spend Thanksgiving and Christmas in your own home. Following the sudden slowdown in buying in selling, things are starting to pick back up as we all adjust to living in this new reality. Unfortunately, many of these prospective buyers may have difficulty finding something they love. In these cases, it is essential not to rush into a buying decision.

Housing Uncertainty

Finally, something else that is looming over the market is the lack of clarity regarding past-due mortgages and late rent on millions of residential properties all over the country. If some type of governmental relief doesn’t come, we could be on the verge of an eviction crisis on top of everything else.

If you are getting ready to buy or sell a home this fall, or if you find yourself with any other type of legal real estate issue, make sure that you take the time to safeguard your future and protect your investments. People who understand the importance of property law and transactions also understand the importance of having a real estate attorney working on their behalf. Give us a call here at Bell Law to find out how we can help you protect your interests and still get you the best deal!

How Is the Chicagoland Real Estate Market?

How Is the Chicagoland Real Estate Market?

When you consider putting your home or commercial property on the market, or when you are considering purchasing a new property, it can feel overwhelming. You aren’t sure if your property will sell or if you will be able to find a reasonably priced property to purchase. So much of your real estate transaction depends on the fluctuating market, and here in Chicagoland, the market can change from year to year or season to season. 

If you are wondering how the real estate market is in Chicago so far this year, here are a few things you should know.

Home Prices Remain High

According to Chicago Magazine, property prices are high and have been since the beginning of 2019. This is great news for sellers, but maybe not so great for buyers. However, there are more and more homes going on the market which could mean a more competitive market in certain areas or neighborhoods. This rising inventory is favorable news for buyers.

Some Suburbs are Strong

Chicago Business reports that while the overall real estate market may have drooped earlier this year, certain suburbs were strong enough to beat it.  Suburbs like Addison, Alsip, Riverside and Park Forest are excellent first-time buyer areas thanks to their low median prices.

No Matter the Market, You Still Need a Team

Whether the market is strong or weak, balanced or more favorable to a certain population, you still need a team of professionals to make your experience easier and to advocate for your best interests. Find yourself a real estate agent that will listen to you and be a guide for the process, as well as an experienced real estate attorney like any from the team at Bell Law. For years, we have worked with buyers and sellers of residential and commercial property, assuring the process is easy and stress-free. With us in your corner, you can be confident you are getting the best service from inspection through closing.

Learn more about our firm and contact us for a consultation today. We are ready to serve you and assure you have a favorable outcome during your transaction.

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