The Wall Street Journal had a story this past Saturday about why it’s a good time to purchase a home. For starters, home affordability is excellent right now—especially in places like Chicago where it is cheaper to buy than rent. Another major factor is the low mortgage interest rates. According to Freddie Mac, the average rate was 4.55% last week. That is down from the previous week and near the lowest level we’ve seen in half a century. With median home price still down from the previous year, it makes for great conditions to get really good deals on residential real estate.

Because of the situation at hand, buyers can get a lot more home for their money right now. In many areas of the country, those who would previously have searched for a condo due to budget constraints can now afford a single-family home instead. And while it may pain sellers to do so, selling for a lower price now might be a smart decision in the long run because they can then turn around and buy a bigger, better place to live for less than if they wait for prices to come back up.

But, as the WSJ article suggests, the current buyer’s market may not last for long. Projections from Moody’s Analytics show a decrease in distressed property sales starting in 2013, which would cause prices to climb. The number of people entering the residential market (as buyers or renters) is already on the rise. As that figure grows—and more new households are formed—inventory will shrink, creating a demand for real estate again.

Chicagoans with a stable job situation, stellar credit score, money for down payment and intentions to stay in one place for several years are in a prime position to make the market work for them. There is a very large inventory of homes for sale, giving house hunters a wide selection of listings to choose from. Buyers can begin their search online with Dream Town’s Chicago property search engine. There’s even a special Bargain Property Search that targets foreclosures, short sales and REO’s for sale. - > Chicago forclosure search