There are plenty of reasons to buy real estate in Chicago, so how will Brexit help Chicago homebuyers?
When considering if now is the right time to buy, mortgage rates should be front and center in your decision-making process. Are rates so high that you simply can’t afford to take the plunge? Are rates so low that you would be crazy not to consider buying a new place? Well the recent Brexit doesn’t only affect the economy in Europe. The Federal Reserve has recently outlined the far-reaching effects that Brexit has on the US economy in its July Beige Book. There are plenty of nuggets in the Beige Book for investors, economists, and others that would like to glean some solid information on how Brexit will impact the United States. However, the part that Henson Realty is most interesting in (not surprisingly) is Brexit’s potential stamp on the US real estate market. Specifically, most credible sources are forecasting a continued reduction in 15 and 30-year mortgage rates…and this has been born out in the last few weeks.
Mortage Rates are historically low right now
So if you’ve been looking to buy a new house or condo, Brexit could be the springboard you’ve been waiting for!! Because of the historically low mortgage rates it has been spurring on, Brexit really is great news for US homebuyers. And this is great news for Chicago homebuyers too!! Take a look around and you’ll see that prices may be rising a bit, but the savings that can be accrued from buying more than offset any small price hikes. So contact us today if you’re looking to take advantage of this historically good opportunity!!
Don’t forget about refinancing
Current homeowners also benefit from the recent Brexit news. If you’re been looking for a good time to refinance your existing mortgage, the time is now for many to refinance again. With Brexit pushing mortgage rates to record lows, current homeowners can use this opportunity to refinance at very favorable rates. If you are a homeowner, you can use Brexit to save tons of money on your mortgage payments, or maybe use the money you’re saving to help you buy a new place. So brexit help chicago homebuyers? The answers is a resounding “Yes”!! This is a great window of opportunity for homeowners to increase their net wealth.
