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Real Estate Market Update January 2023

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What is new in January 2023 in Real Estate? Buyers and sellers are starting to come back to the market and lending are coming up with some creative options.

Hi, it is John Herman of PropertyUp and I have been selling Real Estate in the Northwest Suburbs for 19 years now.

And the New normal real estate market with low inventory and mortgage rates in the 6% interest rate range is having its sellers and buyers Feeling ok to come back to the market. We are seeing this through not only Surveys but also in the market itself. The new homes now hitting the market are already starting to sell in under 30 days with a large portion of the good listings now going under contract within days. We are also starting to experience multiple offers on good properties as well.

The other good news is with mortgages and mortgage options.

I have also heard a few Lenders about a great option for buyers being a conventional mortgage that you only need to bring 3% of the purchase price for a down payment compared to the normal 20% needed for a conventional mortgage.

NOW normally these low down payment loans have an additional insurance payment every month and this product I am talking about does not.

I want to let you know that I am a fan of the lower down payment products especially during less stable times because that down payment you are giving the bank is not refundable under any circumstance and if a life event happens to you and you can no longer make your mortgage payments and for that reason, you have to let the home go it could be the difference of loosing a little or a lot of money. so For example on a loan for 250,000 the 3% down payment loan will require a $7,500 down payment in comparison that same $250,000 loan with a 20% down payment would be a $50,000 down payment. My fiduciary responsibility is to protect my clients and tell you things that will protect you and your family so I hope you found that helpful.

So the Real Estate market is starting to see rays of light come through and mortgage options are starting to expand as well, my name is John Herman of PropertyUp let’s make 2023 a great year and start by making each day a great day.

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