According to the Chicago Association of Realtors, home sales in Illinois are rising in 2006. Total home sales (including single family dwellings and condominiums) are up 1.8%, and single family home sales are up 1.8%. Median home prices are up 2.2% from 2005 as well. These figures are pleasing to both homebuyers and realtors.
Quick Chicago Housing Facts
Percent of Homeowners in Chicago: 67.3%
Percent of Renters in Chicago: 32.7%
Median Chicago Household Income: $46,590
Average Chicago Credit Score: 684
Best Area to Live in Chicago: Naperville
Median Chicago Home Value: $130,800
How Much Real Estate Can I Afford in Chicago?
This is the most common worry of homebuyers today: will I be able to afford the house I want to live in? We are here to put your mind at rest. We offer lots of online mortgage calculators that will help you get a clear idea of where your stand financially in the housing market. After number crunching, you will be able to make your next move, whether it be contacting a real estate agent, making an offer on a house, or deciding to wait until your credit score improves before you buy a home. But before you start calculating, you may want to ask your self a few questions:
- How much can I afford to pay each month?
- What are the current mortgage rates in Chicago?
- What kind of payment plan will work for me?
- What are the property tax rates in Chicago?
Refinancing in Chicago
The ability to refinance is just one of the many financial powers that opens up to you when you become a homeowner. People refinance for many reasons. Sometimes market interest rates have dropped 2% below the one they pay, so they refinance for a lower rate. Other people refinance for better rates after their credit scores improve. Some people like to get two things done at once and get a Cash Out Refinance. This option lets them take advantage of lower interest rates and take out a bit of extra cash. Refinancing can offer homeowners many financial solutions.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.