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Opportunity Knocks… But Will You Answer? Why Now is a Good Time to Buy a House

October 24, 2011

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The news about the housing market has been volatile to say to say the least. Consumer confidence is down as noted in a Chicago Sun-Times article by financial advisor Terry Savage. Savage noted that consumers are hesitant to spend because of the lack of confidence in government to help consumers.

C21 Affiliated Chicago CEO Tom Bretz noted: “One comment from the story[by Savage] is that people aren’t feeling confident and that lack of confidence leads to people taking their money and paring down debt as opposed to investing or buying things–not entirely a bad thing, but it is hard to see where the growth is going to come from without consumer spending. One reason the article gives for this general lack of confidence in the economy is a lack of confidence in leadership. I wonder how the Occupy Wall Street (and its spin-offs) will begin to pressure our lawmakers on both sides of the aisle. Regardless of your political leanings, an engaged citizen base pressuring lawmakers to get their fiscal house in order can’t be a bad thing, can it?”

Though consumers are uncertain about spending because of the Washington gridlock, the news isn’t all bleak. Because of the increase in home sales, now is an excellent time to enter the housing market and buy a home in this buyers’ market. The average interest rates on 30-year mortgage loans are at their lowest points in decades, from 3.94 to 4.11 %.  Despite the appearance of inaction in government, there are many government programs and initiatives to help homeowners and encourage home ownership.  One example is the Good Neighbor Next Door Program that offers single –family homes at a 50% discount to teachers, firefighters, and police officers who move into certain communities.

If you’re not eligible for that program, there are still numerous options for homeownership. There are grants available for low-income housing through the HOME Act and the American Dream Down Payment Initiative, which are both available through HUD. If you’re looking for help from private institutions, Bank of America and other lenders provide homeowner assistance and home loans to buyers. Potential home buyers can also contact real estate brokers like Century 21 Affiliated for information.  Though consumers are wary about where to spend their money, home ownership is a valuable investment that will help provide for homeowners’ futures. Hopefully, more home ownership will lead this rocky economy onto a smoother path.

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About century21affiliatedchicago

Century 21 Affiliated-Chicago (“C21AC”) is a full service real estate brokerage firm located in Chicago with a focus on residential and commercial properties. Our agent base and management team includes a wide range of specialties serving customer needs across the ever changing real estate landscape, with expertise in many niches, including REO transactions, investment sales, bulk purchasers and sellers, commercial product and traditional residential transactions. C21AC is part of Century 21 Affiliated (“Affiliated”), a top 5 franchisee in the Century 21 system with over 30 locations across the Midwest and over 32 years of history. C21AC entered the Chicago market in February 2011 to re-launch the Century 21 brand in the downtown area and to bring a proven operating platform to the large and fragmented Chicago real estate market. At Century 21 Affiliated, the customer comes first. Our complete commitment to delivering top-notch customer service to our clients is what distinguishes us from our competitors and makes us such a powerful force in the real estate industry. Specialties Residential Sales, Commercial Sales, Short Sales, Bulk Sales, REO's, Leasing, Business Services

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