Top Reasons to Buy a Chicago Condo in 2016

Posted by Terri McAuley on Monday, November 30th, 2015 at 7:34pm

Reasons to Buy a Chicago Condo in 2016As you may have noticed, it’s been quite the year for the Chicago real estate market, especially in the downtown area. A number of major developments were either delivered to market or started construction, home values continued to rise, and unfortunately, inventory just can’t keep up with demand. But if you were one of those home buyers who just wasn’t able to make 2015 your year, don’t worry. There’s still plenty of great reasons to buy in 2016, starting with these quick little tidbits:

Chicago rents are sky-high!

The rental market in Chicago right now can only be described as crazy. And with no end in sight, why spend what’s equivalent to a mortgage payment every month on an apartment when you can be putting that money towards a home or condo that will continue to appreciate in value? Stop renting and finally make that transition to owning in 2016!

There’s hidden savings in tax breaks!

Taxes in Chicago are pretty high. You don’t need us to tell you that. But if you’re home loan is under $1 million, you’re able to deduct all the monthly interest you’re paying on the loan at the end of the year? Pretty sweet deal, right? And there can also be additional deductions as well, especially if you have eco-friendly features inside your home.

Mortgage rates are low….REALLY LOW!

Yep, mortgage rates are expected to go up. But that doesn’t mean you can’t still take advantage of historically low interest rates, which are still hovering around 4%. Remember when interest rates were nearly 5 times as high back in the 80s? We do. And given we’ll likely never see rates this low again, why not take advantage?

By:  Terri McAuley

Chicago Condos for Sale

Cell: 312-330-3211

“Chicago’s Luxury Condo Specialist”

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