Thursday, 22 August 2013 21:34

A Great Time to Buy One of the Homes for Sale in Springfield, Il

Is now a good time to buy a home in Springfield, Il?

An excellent combination of reasonable home prices that are still rising and affordable interest rates makes now a great time to buy homes for sale in Springfield, Il. According to Zillow, for the year ending June 2013, home values have increased by 1.8 percent over the year to $110,200. Compare this to a 2.8 percent increase in Chatham with a home value of $189,100, or a 0.2 percent decrease in Sangamon County homes to $120,000.

Over 96 percent of the homes in Springfield are single-family residences, with only 2.2 percent for condos. Home ownership is above 62 percent, close to the national average of 66.3 percent. Average property taxes in the city run $2,512 per year compared to $3,025 for the rest of the nation.

In general, you have two options for financing your purchase:

  • Fixed-rate mortgages have stiffer qualification requirements but offer a predictable monthly payment through the life of the loan. A 30-year term has lower payments with a current national average of 4.28 percent. A 15-year term costs less money overall with higher monthly payments at a current rate of 3.3 percent.
  • Adjustable rate mortgages have a fixed payment for the first few years. Payments then go up to the prevailing rate. A 5/1 ARM, for example, starts with a lower rate for five years. The current average for the initial ARM rate is 3.17 percent, making it easier to qualify for than a fixed-rate loan.

If you’re interested in how these market conditions can get you into a home of your own, please contact us. But don’t wait too long. The Mortgage Banker’s Association predicts a gradual rise in interest to about 5.1 percent by the end of 2014.

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Springfield IL Homes

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