What Are Buffalo Grove Real Esatae Prices Going To Do?

SHOULD I BUY NOW OR LATER?

Price graph for Buffalo Grove Real EstateThis is a question people keep asking me on a daily basis. Let’s look at some basics. Real estate inventory in the Buffalo Grove area is going up, unfortunately buyer interest is not going up at the same pace. Prices were down, counting all single family homes in Buffalo Grove, from 2009-2010 -2.8%. There will probably be more short sales and foreclosures based on people who bought in 2005-2006 with either 5 or 7 year interest only loans.  When those loans reset,there will be more homes to coming on the market, and a good chance prices will go down. My feeling is we will see a decrease of 3-5% in single family prices.

All of this is predicated on the economy and jobs. The other factor is interest rates. My feeling is interest rates will rise, slightly, but never the less rise. A 1% rise in interest rates means a buyer loses 9% purchasing power.

So you have to decide what do you want to gamble on, price or rate? Still not sure what to do,but would like to lock in a low rate. Call me, I’ll tell you how we can play it.

Leave a Reply