David Hochberg helps first-time home buyers

Northbrook, Aug. 20, 2022 (GLOBE NEWSWIRE) — Northbrook, Illinois —

Chicago-based mortgage broker David Hochberg helps first-time home buyers in Illinois navigate a tricky and demanding real estate market that has seen prices rise to such an extent that more and more people are putting waiting for their dreams of home ownership. The Illinois Mortgage Broker explains why the best time to buy property for most first-time home buyers is now.

According to statistics from real estate site Red Fin, in June 2022, home prices in Illinois were up 6.5% from the same time last year. The median selling price of a home in Illinois in June 2022 was $298,200. At the same time, the inventory of available homes in the state has also increased by a huge percentage because today there are 13.2% more homes to choose from than there is a year. Homebuyers are also ready to pay top dollar for their dream property, as 51.6% of homes sold above list price, up 5.4% from June 2021.

However, while it may seem like the real estate market is going to become increasingly inaccessible, there is both good and bad news for first-time home buyers in Illinois hoping to move into a new home. home. Anna Bahney, a writer for CNN who covers investments in traditional, alternative, real estate and cryptocurrency markets, said in a recently published report that the country’s real estate market is showing signs of slowing.

Anna’s observation of the real estate market is reflected in some of the Illinois housing market statistics published by Red Fin. For example, homes in Illinois sat on the market in June 2022 for about 44 days before finding a buyer, which is 26 days longer than the wait time for buying a home in June 2021. This means buyers are more discerning and wait a while before pulling the trigger.

Additionally, Anna also notes in her report that the sale of newly built homes is down and the construction industry is also heading for a slowdown due to rising gasoline prices and the overall cost of goods. Red Fin statistics for June 2022 also indicate that while there are more homes available for sale in Illinois, the number of newly listed homes is down 12% year over year.

When asked to comment on the current state of the Illinois housing market, David Hochberg, a Chicago mortgage broker and host of Home Sweet Home Chicago on WGN Radio, said, “It’s true that rates Mortgage rates are extremely high, as I pointed out on my Twitter on June 16, 2022. These high rates have caused mortgage applications to fall to their lowest level in 22 years. Construction is also slowing as businesses grapple with rising raw material and fuel costs. Despite these indicators, many economists believe that house prices are not going to return to pre-2021 levels any time soon, if ever. Home price growth is slowing, but that growth isn’t going to turn around and go the other way. Home prices are still seeing double-digit percentage increases year over year. Even with a downturn in the real estate market, I expect this to come down to a single-digit percentage increase at best. Additionally, the Federal Reserve also announced a 75 basis point rate hike at the end of July 2022, the second of its kind in the last six months alone. This will keep mortgage rates volatile for a while, which means if you wait for the stars to align, you’ll have to wait a long time. So if you’re ready to bite the bullet and settle into your dream property in or near Chicago, give me a call. For more information on my range of mortgage services, see this news article.

Readers in Chicago and the rest of Illinois can contact David Hochberg (NMLS #136675), vice president of loans at Homeside Financial, at (855) 563-2843.

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For more information about David Hochberg – Mortgage Lender, contact the company here:

David Hochberg – Mortgage Lender
David Hochberg
(855) 563-2843
[email protected]
3100 Dundee Road, Suite 906
Northbrook, Illinois 60062


        

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