For first-time homebuyers, the real estate landscape has never been more advantageous. Today’s 30-year mortgage rates sit near record lows of 3.75 percent; loosening underwriting requirements have granted greater access to capital; and an award-winning local homebuilder like Gallagher & Henry offers dozens of dynamic home plans in choice southwest suburban communities.
In villages such as Tinley Park, Woodridge, Homer Glen and Lemont, Gallagher & Henry brings a portfolio of more than 40 home plans to towns with an established record of forward-thinking leadership, providing homebuyers in-demand amenities, high-achieving schools and robust recreational options alongside expert craftsmanship that ensures a community’s architectural integrity and the homeowners’ long-term investment.
“Savvy homebuyers today are looking beyond the decorations to construction practices and village leadership because they see the bigger picture of their investment,” Gallagher & Henry principal John Gallagher said. “And when they consider those factors and look at Gallagher & Henry, they see significant advantages in a local homebuilder that’s been here 60 years and is poised to be around for another 60 years.”
For first-time homebuyers – and, in fact, so many others pursuing a home purchase in early 2015 – the real estate landscape has never been more advantageous.
As rental rates across the Chicago area rise at a double-digit clip according to many industry estimates, homeownership is becoming an increasingly attractive option for residents looking to ditch the pitfalls of leasing for their own stake of land.
“The American dream of home ownership is as alive and relevant today as it’s ever been,” said Mark Zdenovec of Stearns Homes Loans. “Owning a home not only provides people a space all their own, but also allows individuals to build equity that will pay off in the future.”
During the recession, interest rates declined amid global economic pressures and rates have since reached lows unseen in nearly 60 years. Just one decade ago, the market touted 30-year fixed mortgage rates hovering near 5.875 percent. Today, homebuyers are securing 30-year terms at a once-unthinkable rate of 3.75 percent. At those rates, Zdenovec said, today’s home buyers are paying $363 less per month on a $300,000, 30-year fixed mortgage than they would have in 2005.
“The fact of the matter is that it’s a lot cheaper to purchase in today’s marketplace than rent, and that’s even before you consider the tax write-offs,” Zdenovec said, adding that the continued easing of underwriting requirements has sparked a jump in mortgage applications and provided many potential homebuyers greater access to capital.
With those favorable financial elements on their side, numerous industry forecasts predict a strong influx of first-timer buyers heading into the market, many of them favoring the sparkle of a new home over the uncertainty of the resale market.
“With a new home, buyers can enjoy the advantages and peace of mind that comes with a new build, including a home built to today’s efficiency and safety standards as well as one constructed with entirely new products that won’t need to be replaced anytime soon,” said John Gallagher, principal of Gallagher & Henry Homes, a Countryside-based homebuilder that has been constructing new homes in the Chicago area since 1954.
With eight new home communities across Chicago’s southwest suburban landscape, Gallagher & Henry has emerged a compelling choice for prospective homebuyers, as the homebuilder combines premier southwest suburban locations with a 61-year track record of building high-quality homes.
“We build the best homes in the best communities has been our team’s longstanding mantra and we still live by that mission today,” Gallagher said.
In villages such as Tinley Park, Woodridge, Homer Glen and Lemont, Gallagher & Henry claims new home offerings in towns with an established record of forward-thinking leadership, offering homebuyers a dynamic mix of in-demand amenities, high-achieving schools, robust recreational options and convenient easy access to the greater Chicagoland community with nearby expressways and train stations.
And with more than 40 home plans to offer, led by its modern-themed Lifestyle Series, Gallagher & Henry pairs diverse home options with expert craftsmanship that ensures a community’s architectural integrity and its homeowners’ long-term investment.
“Savvy homebuyers today are looking beyond the decorations to construction practices and village leadership because they see the bigger picture of their investment,” Gallagher said. “And when they consider those factors and look at Gallagher & Henry, they see significant advantages in a local homebuilder that’s been here 60 years and is poised to be around for another 60 years.”
Though an undeniably favorable climate for prospective homebuyers, Gallagher cautioned that the rising costs of building materials and labor will eventually drive up new home prices in new home communities across Chicagoland.
“For now, many builders are absorbing these increased costs, but it can only last so long,” he said. “That’s why first-time buyers would be wise to jump into the market sooner rather than later.”