This Winter May Not See The Typical Big Freeze in Home Sales

Traditionally this time of year is the slowest in terms of home sales in Chicago real estate and in most of the country.  However, some real estate experts are predicting a busier than normal winter this year partly due to the $8,000 federal tax credit extension for new home buyers and the $6,500 for move up buyers.

The Sun Times article featuring a young buyer ready to take the plunge in Chicago real estate in Jefferson Park. “Some upgraders who have been sitting, thinking it’s hard to sell and we won’t get much,”  said Jim Merrion, regional director of RE/MAX Northern Illinois, “now are thinking we can get the bigger house for less – for 2002 or 2003 level prices. It’s a dynamic shift.”

Despite the economic recession impacting the ability to pay their bills, some buyers have been sitting on the sidelines waiting to make the big purchase.  If a buyer is able to put a decent down-payment on home and have good credit, the deals are to be had everywhere.

According to the most recent Realtors Confidence Index, 39 percent of recent buyers purchased a home with a Federal Housing Administration-insured loan. Realtors who took part in the November survey also reported that the number of first-time home buyers continued to climb to 51 percent.

“FHA helps provide affordable mortgage financing to home owners, particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market,” said National Association of Realtors President Vicki Cox Golder. “These recent survey results reaffirm that, despite its current challenges, FHA is a critical part of the American housing fabric.”

Thinking about taking the plunge?  If you’re confident in your current employment situation, why not?  Homeownership is a part of the American dream so jump in!