After an intense winter that kept many buyers and sellers indoors, the spring housing season has proven to be very active. From historically low interest rates to rising prices and tight inventory, here is a quick breakdown of the local Chicagoland real estate market.
Home prices continue to rise steadily with 20 consecutive months of year-over-year gains. The Chicago-area median home price rose to $190,000 in April, a 9.9 percent growth from April 2013. The number of homes sold has decreased by 7.8 percent over last year's numbers. This lack of sales is a result of a shortage in listings going on the market.
"Sellers who have been putting off a decision to list could find this spring is the right time to sell to take advantage of pent-up buyer demand and less market competition," said Phil Chiles, president of the Illinois Association of REALTORS®.
April saw the most Chicago-area homes listed, more than any other month in the past four years. According to Matt Farrell, president of the Chicago Association of REALTORS®, "As buyers navigate their way through the home buying process, it can't be stated enough that if you see something you like, it won't likely be available a few days later."
At the beginning of 2014, many mortgage experts predicted that interest rates would increase to five percent by the end of the year. However, rates remain at historic lows, and the monthly average commitment rate for a 30-year, fixed-rate mortgage for Northern Illinois was 4.34 percent in April. Fannie Mae and Freddie Mac are now predicting that interest rates may reach around five percent in 2015.
The housing market continues to change regularly, and I can help you make the best decision for your unique situation and hyperlocal market. If you'd like to learn more about your real estate options, please contact me.
No comments:
Post a Comment