The National Association of Realtors (NAR) last month released a consumer survey showing that more than half of those polled believe that this market presents a good time to buy. The Housing Opportunities and Market Experience (HOME) survey indicated optimism was abundant, and as income brackets increased, so did the impressions of the current market.
When respondents were asked whether now is a good time to purchase a home, according to the organization’s release, “Of those with an income under $50,000, 54% answered “yes.” Answers in the affirmative increased as household incomes increased. In the $50,000 to $100,000 bracket, 64% said now is a good time to buy a home, and among those polled who have an income of $100,000, 72% said that it is currently a good time to buy.”
Michael Emery, senior partner and broker with New Eastside’s Urban Real Estate, agrees that while now is a great time to buy, consumers are more measured in their buying decisions, for a multitude of reasons. “While there are great opportunities on the market, locally, there are consumers who can afford to buy but still choose to rent for the flexibility it offers, as well as the ability to more easily make lifestyle or job changes,” says Emery. “We also have clients who remain cautious of the future of our economy, and aren’t as quick to initiate a change from one home to another.”
The New Eastside continues to be a draw as would-be residents relocating find a private neighborhood in the heart of the city attractive for its proximity to the lakefront, parks, transportation, and shopping. Multinational companies continue to invest in downtown Chicago, and new construction paired with our existing real estate, makes our neighborhood even more unique for its residential options.
If you have considered buying or selling your home, or are interested in investment opportunities, connect with your neighbors at Urban Real Estate to review your options at (312) 528-9200 or visit us on our website to connect directly with one of our professionals.