By John Aretos, CEO of Police Mortgage
When is the best time to buy a home in 2025? Well, I think if you’re talking about the Midwest, it’s probably spring because that’s when the most homes will be listed for sale. But every year is a different market, right?
Markets can change pretty quickly at times. Other times it’s just a very subtle change over several quarters. Sometimes it has to do with average home price. Today it’s more of a scarcity issue.
In Chicago, CPD officers have to live in the city. For them police credit union mortgage rates are a key factor since they can’t look outside of the city where home prices could be cheaper. Suburban police officers don’t have that constraint so they’re looking at a totally different market.
In other areas in the Midwest, let’s say Ohio for example, that market is going to be a little bit of a different ballgame. There will probably be more listings.
People are going to put their homes for sale when they think they’re going to get the optimal price. In the past, it used to be if you wanted to try to find a bargain, you’d try to find it in closer to the wintertime.
It just comes right down to the scarcity of inventory now. Rates going up over the last few years has made buying a home not as affordable. So, you don’t have as many people looking for properties. You also have people that currently own a home and don’t want to sell right now. That’s not going to change until they feel confident that we’re back in a healthy market. And then it goes back to consumer confidence. It goes back to a lot of intrinsic things.
It also does have to do with age group. First-time home buyers will probably get a better deal. They are presumably going to buy a cheaper home because it’s smaller and in a more affordable area. It is also a little bit easier to plan for since they have no home to sell.
But if you’re a second-time home buyer, or somebody who’s looking to downsize, that’s going to be a longer play because you’re going to have to find the right fit for you. Even though you might be in a position financially to afford a lot more, you still have a house to sell in many cases.
You’re going to need a certain amount of equity out of the home that you’re selling. You’re not going to just put that up for sale haphazardly without having a certain amount of confidence.
Now, in places like Arizona, the market is different. I think in that region of the country there are still a lot of people trying to get out that way. Outside of the holidays, I don’t think there’s a bad time to buy a home in Arizona.
In the Midwest and East, basically wherever the weather is comprised of four seasons, nobody really wants to put a house on the market when there’s snow on the ground. It’s probably more likely during the more temperate months. It’s generally better to show a house, even virtually, when the weather is nicer.
If rates drop, then all bets are off. I know we will quickly see greater demand for police home loans regardless of the season in that case. However, based on what I think is going to happen in 2025, I don’t know that that’s going to be something that we have to concern ourselves with until later in the year.
Police Mortgage specializes in conventional mortgages, purchase money transactions, FHA loans, and VA loans. Led by founder and CEO John Aretos, Police Mortgage is known and respected for providing clients with exceptional service, customized terms, quick and easy closings, and low money down options. To learn more about Police Mortgage, go to www.policemortgage.com or call 312-499-8878.
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I have my bachelor’s in business administration and have been involved in the banking industry for over 10 years. During this time, I managed two of the National Police Federal Credit Union locations prior to transitioning to Police Mortgage. I have family members who are police officers with the Chicago Police Department. My work has been very rewarding, and I take pride in having assisted countless members and their families with their financial needs and financial wellness. My hobbies include exploring new restaurants in the city and running for marathons that support pediatric cancer foundations and Chicago Police Memorial Foundation’s Run To Remember. I come from a large family primarily from the south side of Chicago and love to share all the diversity and beauty the city has to offer with my two children.
I am honored to grow up in a multi-generational family of Chicago Police Officers. I joined Police Mortgage in the summer of 2020 and love the opportunity to help both first-time buyers and repeat clients alike achieve their dreams of purchasing a home. Having been born and raised in the south suburbs of Chicago, I happily live in the Lakeview neighborhood today. Along with my two younger sisters, I am a graduate of the University of Illinois at Urbana-Champaign and a lifelong Chicago Bears fan. I have a strong passion for food and love exploring the vast array of restaurants throughout our city. Nothing makes me happier than spending a summer afternoon on a golf course with family and friends!
I joined my brother at Police Mortgage as a loan officer in August of 2021 after a 10-year career in sales and marketing. Most recently, I worked as a Senior Account Executive for Ricoh North America, an office electronics company, where my main responsibilities were building new client relationships and maintaining over 400 existing customer accounts. I believe my work experience has transferred over to the mortgage industry well, because I am able to multi-task effectively while working with multiple customers. The skillset I learned in my previous employment allows me to stay organized and to manage my time well for my customers. My number one goal is always to make the loan process as quick and painless as possible for our borrowers. I am excited to further develop the Police Mortgage brand with my brother. It is a unique situation, and I believe working in an office together allows us to help our borrowers even more due to streamlined communication and our ability to help each other with our respective files. I like to spend my free time relaxing, watching sports, exercising, going out to eat with my wife, and trying to keep up with our three daughters – all under five years old!
After graduating from the University of Missouri in 2015, I moved to Chicago where I began a career in marketing at a firm called Ansira. I sought a career change and contacted Police Mortgage, where I was first introduced to the mortgage industry. I have spent the last 5 years training with our CEO, John Aretos, who has taught me all of the intricacies of the mortgage process. I love finding solutions for our clients to help them purchase the home of their dreams. I feel a huge sense of accomplishment when helping homebuyers, especially first-time homebuyers, all the way through the loan process, from pre-approval to closing day. I recently moved back to my hometown of St. Louis, where we opened a new office. I am excited to help start this new chapter for Police Mortgage. My wife, Megan, and I are happy to be back in our hometown. We are always checking out new outdoor events such as music or food festivals – anywhere we can take our dog, Remy!
As the CEO of an organization associated with serving the Police and their loved ones, I am privileged to play a role in helping our clients achieve their life’s financial goals. Our mission is to make the home buying or refinancing process as comfortable as possible, providing our clients with competitive products and excellent service.
I was born and raised in the Chicago metropolitan area, and I have a deep-rooted love and appreciation for the diverse culture which makes our city so special. My two older siblings and I grew up working in our parent’s restaurant, which instilled a work ethic and sense of family that I carry with me to this day.
I am a graduate of Indiana University and have been involved in the mortgage industry for nearly 25 years, helping thousands of clients save money or finance the home of their dreams. My passions are passing down my love of food, music, art, snow skiing, and red wine to my three children, who motivate me to be a better person each and every day!
