We are saving to buy a home. What do you think the market will be like mid-2014?

Asked by Aurora812, Aurora, IL Sun Mar 3, 2013

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Riccardo Wardlow’s answer
Riccardo War…, Agent, Bolingbrook, IL
Mon Mar 4, 2013
Gosh, I wish I knew! I think now is the best time to buy because of rates being so low. Keep us in mind if you need a pre approval.

Sean Cochran
630-470-6830 office
630-330-2229 cell
0 votes
Bill J Delig…, Agent, Naperville, IL
Wed Apr 3, 2013
Greetings Aurora812,

As per what the market will be 1.5 yrs from now, who knows?

As per you use this time to save more money for the down payment and improve credit if needed.

Have you spoken to a lender?
If not, try to get yourself preapproved now - you never know, you may qualify sooner than you think.

Feel free to contact me should you have any questions.
Web Reference:  http://www.BJDLOANS.com
0 votes
Nicole & Tony…, Agent, Naperville, IL
Mon Mar 4, 2013
Its impossible to predict the market in 2014, but overall things appear to be getting better. In Aurora, we are seeing property values somewhat stabilize, and more multiple offer scenarios. I recommend checking with different lenders to get an idea of how much you need to save to get into a property you want.
0 votes
Jim Paulson, Agent, Boise, ID
Sun Mar 3, 2013
Real estate typically goes through 5-7 year cycles but it goes up long term about 3.5% a year. I expect interest rates to be higher as well.

Therefore, I suggest finding first time home buyer programs and grant programs that might be available and buy if you plan to be there for a while. The market in most of the United State is appreciating very strongly right now due to pent up demand and lack of inventory.

Best of luck!
0 votes
Mike Cluck, Agent, Geneva, IL
Sun Mar 3, 2013
Have you heard the expression "a bird in the hand is worth two in the bush". I think that can be applied to the real estate market. Prices are down and firming, interest rates are close to all time lows. I think taking advantage of what you know is a good thing is a better path than hoping things bottom out more, interest rates stay low and buying power is better. But that is just my opinion. Good luck. If you are looking to buy in the Aurora area, that is my area of expertise along with the surrounding communities. I live in Aurora and my main business is focused in that market. I can be reached at 630-802-5825 or email at MikeCluck@remax.net.
0 votes
Russ Ravary, Agent, Commerce Township, MI
Sun Mar 3, 2013
I don't think anybody can accurately predict that. But home values are going up slowly. I hope interest rates will stay down. You are smart to save for a down payment. Having your financial house in order will get you on the right path to buy a home.
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