CHICAGO, March 1, 2017 /PRNewswire/ -- Top rated real estate expert Leigh Marcus strongly believes that the favorable conditions currently prevailing in the Chicago real estate market can be attributed to increasing mortgage rates. Leigh shared his views in a recently released video, discussing the updated Chicago real estate market report for the month of February 2017.
Along with the move by the Federal Reserve towards increasing short-term borrowing costs, mortgage rates have also experienced a surge over the last few months. In December 2016, the mortgage rates for 30-year home loan reached almost 4.32%. This figure has come down over the last couple of months, but it has already caused a depletion in the demand for housing.
Apprehensions relating to the increasing trend in mortgage rates, however, have had a strong, positive impact on home buyers and sellers in Chicago. "The threat of interest rates continuing to rise has brought out buyers and we had a strong December. All of that momentum has carried over into spring," said Leigh Marcus.
Discussing the favorable condition of the Chicago real estate market, Leigh also added, "The number of sales in the Chicago market is already up 18% versus last year, and that's great news. The number of new listings to come to the market is up 23% versus this time last year, as well. Not only are there a lot more buyers out there than there were this time last year, there are more homes for them to choose from. Overall, it's a very positive market. "
To learn more about Leigh Marcus, please visit http://www.marcusrealtyteam.com/
About Leigh Marcus: Leigh Marcus is a highly appreciated Chicago real estate agent known to deliver extraordinary service to the local home buyers and sellers. In his illustrious career, Leigh has already handled residential transactions worth more than $250 million. His team has been recently ranked as the number one team in @properties.
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SOURCE Leigh Marcus