Low Interest Rates Will Be a Key Factor In Creating a Competitive Buyers Market in 2020
Posted by Leo Clark. on
Recent financial forecasts show that due to interest rates still being at historically low levels, home purchases are likely to elevate in 2020, especially among young and first-time home buyers. In fact, Washington D.C.-based Mortgage Bankers Association is also estimating that mortgage origination will grow 1.6% next year while home prices could in fact drop 2020, leading to more availability and options for buyers to consider.   Â
A strong job market is also helping home buyers obtain more purchasing power and placing more first time buyers in a position to finally make the transition to home ownership.
Anywhere between 8.3 to 9.2 million first-time home buyers are projected to become homeowners in the next 3 years, according to credit bureau…
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The West Loop is the one of the hottest neighborhoods in Chicago thanks to its premier restaurants, top tier schools, wide array of fitness studios, and the close proximity to a growing list of employers. It's also a location with plenty of housing options for current home buyers and renters to consider, but with the ever-increasing demand for larger units, those in the market are flocking to the new Peoria Green development, which features huge 4-5 bedroom condo units.
If you're looking to buy your first home or condo next year, chances are you won't be alone in your quest to transition from renting to owning in 2020.
If you’re planning to buy a home or condo for the first-time in the near future, your credit score is going to play a big role in the process. While there isn’t a uniform algorithm or equation used by lenders and other financial companies, your credit score tends to be similar across the board and is based on a variety of factors. 
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A proposed plan to demolish the Cassidy Tire Building located at 344 Canal St and build a new apartment tower appears to be moving forward. The Developer, The Habitat Company, along with local architecture firm, Solomon Cordwell Buenz, are planning to erect a 33-story building containing 343 apartments and 124 parking spaces according to Alderman, Brendan Reilly (42nd). The Habitat Company announced their plans to purchase the site back in May, stating that the Cassidy Tire Building is located in an ideal position for redevelopment.  Â
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