Interest rates are creeping up in the housing market. We spoke with some local real estate professionals to see how they are being affected.
forecasting the outlook for homeowners in 2022 reveals 26% of people would be less likely to buy a home this year because of rising interest rates. The average interest rate jumped by more than half a percentage point since March 10, per Freddie Mac’s weekly Primary Mortgage Market Survey.
According to data from the Chicago Association of Realtors , rising interest rates aren’t making a significant impact as far as market slowdowns — buyer demand still remains high. The median sales price for homes in Chicagoland from March 2012 to March 2022 has gone from $151,680 to $310,000; and from $295,000 to $310,000 from March 2021 to March 2022. And that’s in light of a marked reduction in inventory — a 29% reduction of all Chicago homes for sale from last year until now and 27.
“The average price right now in and around Chicago is $309,000 and last year it was $290K — that property was more affordable last year than it is this year, unless they have some type of increase in their income,” Smith said. “With the interest rate coupled in there, they may not be able to afford it this year.”
[Most read] Going to a Chicago White Sox game? Here’s what to know if you’re headed to Guaranteed Rate Field this season.Lukich finally had an offer accepted on a three-bedroom, two-bathroom home in Bridgeport. They plan to remodel it after they sell their current homes. They will close on May 20. She believes they landed the home in part because the realtor lives in the area, specializes on the South Side and they were the first to bid on the home.
But diminished opportunities for some also means less competition for others, according to Gehrken. Walz said given the sustained competition for homes, there are several layers of buyers waiting to jump into the market, including buyers who realize they have to sell an additional property before they start to look at buying another house.According to anotherby a residential/commercial property software firm, 35.
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