Why you should buy a home now

A broker explains why now’s the time to take the plunge.
Advertising

Thinking about getting down with a down payment? Do it, says Grigory Pekarsky, a managing broker at Vesta Preferred Realty in Lincoln Park. The demand for rentals has driven up prices, with median rents in the metro-Chicago area up more than 9 percent over last year and home prices down more than 10 percent, according to Zillow, an online real-estate database. A more recent report, released by Deutsche Bank in March, cites renting in Chicago as 41 percent pricier than buying. “The talk of the town is that [home] prices have hit rock bottom,” Pekarsky says. “The best time to buy is going to be now.”

That’s provided you have a credit score above 620, between 10 and 20 percent of the home price saved for a down payment, a 33 percent or less debt-to-income ratio (the percentage of your monthly gross income that goes toward paying debt), a stable job and a plan to live in Chicago for at least three years.


Get TOC for iPad: Interact with TOC in a whole new way. Download our new app today for exclusive slideshows, videos, audio clips and more!

Advertising
This page was migrated to our new look automatically. Let us know if anything looks off at feedback@timeout.com