Buying A Home In 2015
Most observers of the real estate market are optimistic about 2015. Economic recovery and the improving job market will go a long way toward boosting affordability for homebuyers. Before you buy or sell any home in the Chicago area, consult first with an experienced Chicago real estate lawyer. In any real estate transaction, a knowledgeable real estate lawyer can review all of the legal documents and protect your long-term interests. Here are several reasons why the experts believe 2015 should be a great year to buy a home:
– Easier mortgage credit: After years of caution, mortgage lenders are starting to relax credit and underwriting requirements, known as “overlays.” David Stevens, president of the Mortgage Bankers Association, told the Wall Street Journal that “some lenders are lifting almost all of their overlays.”
– Lower down payments: The Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) recently agreed to get behind loans with just 3 percent down. That lower figure, coupled with looser credit standards, should help more first-time buyers enter the market. “Our goal is to help additional qualified borrowers gain access to mortgages,” said Andrew Bon Salle, a Fannie Mae executive vice president.
– Lower home prices: The overall pace of housing price growth has decelerated. Expected increases in housing inventory may also help to keep prices low.
– Low rates: A number of economic factors are combining to keep rates low. They’re almost certainly going to rise in 2015, but they’ll continue to remain below historical averages.
If you’re buying or selling a property in the Chicago area, speak early in the process with an experienced Chicago real estate lawyer who will look out for your best interests. Real estate is a wise investment. When you hire a good real estate lawyer, you make another wise investment. If you’re buying a home or just considering a real estate purchase in the Chicago area, make the call promptly.
