Coldwell Banker Residential: #1 in Chicagoland:Coldwell Banker Residential: #1 in Chicagoland in closed transactions and closed units! We’re proud to be with the Chicagoland real estate market leader. Judy started with Coldwell Banker early in the career, and rejoined the brokerage in 2010 because of Continue reading →
Phone Apps and Midwest Homes:Today Apple has released some info. on their new phones, which has led me to want to write a post about phone apps and the home search as more people home search on-the-go. The best app for home buyers and Continue reading →
Will County Job and Population Growth:Will County, Illinois is fairing very well – experiencing great job growth and population growth. * Will County is 1st in population growth of all Illinois Counties * Will County is 1st in new home construction in Illinois * Will Continue reading →
20 Ways to Add Curb Appeal:The spring market is here – and our listings are selling in record time. Mortgage rates are low, buyers are out buying. If you are thinking of listing your property, aside from calling us ( we have a nationwide network Continue reading →
In their current edition of the Home Price Expectation Survey released last week, Pulsenomics asked this question of the 100+ economists, real estate experts and investment & market strategists they surveyed:
“In your opinion, what is the primary driver of recent home value growth in the U.S.?”
Here are the top four reasons given by those surveyed:
As we have stated before, the current lack of inventory in most housing markets has caused home appreciation to increase at greater percentages than historical averages. This means that this is a great time to sell your home as supply is low and demand is high.
However, things may be about to change…
The fortuitous situation sellers see themselves in may soon change for three reasons:
As more homeowners realize their equity situation has dramatically improved over the last four years, they will be more likely to put their homes on the market.
With the residential real estate sector outperforming a sluggish economy, more home builders will be looking to add new construction inventory to a depleted supply of housing stock.
Many banks are just now foreclosing on loans that have been delinquent since the housing bust. These houses will also be coming to market.
The National Association of Realtors’ most recent Existing Home Sales Report revealed that home sales were up rather dramatically over last year in five of the six price ranges they measure.
Only those homes priced under $100,000 showed a decline (-4.6%). The decline in this price range points to the lower inventory of distressed properties available for sale and speaks to the strength of the market.
Every other category showed a minimum increase of at least 4.6%, with sales in the $250,000- $500,000 range up 15.2%!
Here is the breakdown:
What does that mean to you if you are selling?
Houses are definitely selling. If your house has been on the market for any length of time and has not yet sold, perhaps it is time to sit with your agent and see if it is priced appropriately to compete in today’s market.
Host and writer Geoffrey Baer travels by train, tugboat and 1958 Edsel as he takes viewers on a journey through the Southwest Suburbs.
It’s a part of Chicago that’s full of surprises. It’s home to a 28-square-mile forest with a rock canyon. It’s home to major league soccer and minor league baseball. It’s also home to a bustling industrial canal where mariners navigate a Panama Canal-sized lock past a hundred-year-old hydroelectric dam. This modern waterway follows the path of a 19th century canal that first connected the Great Lakes to the Mississippi. That earlier canal transformed Chicago from an isolated trading post on the edge of the American frontier into the fastest-growing city in the history of the world.
The National Association of Realtors (NAR) just announced that the February Pending Home Sales Index reached its highest reading since July 2015.
What is the Pending Home Sales Index (PHSI)?
NAR’s PHSI is “a forward-looking indicator based on contract signings”. The higher the Pending Home Sales Index number, the more contracts have been signed by buyers that will soon translate to sales. February’s Index rose 3.5% month-over-month to 109.1. What does this mean for the market?
Lawrence Yun, NAR’s Chief Economist explained:
“After some volatility this winter, the latest data is encouraging in that a decent number of buyers signed contracts last month, lured by mortgage rates dipping to their lowest levels in nearly a year and a modest, seasonal uptick in inventory.”
“Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what’s being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau.”
Looking to buy or sell real estate in Palos Park or the Chicago suburbs? Judy Glockler is consistently one of the top producing agents in the local market. She and her team may be contacted via the contact form to the right.
Looking to buy or sell real estate in New Lenox or the Chicago suburbs? Judy Glockler is consistently one of the top producing agents in the region. She and her team may be contacted via the contact form to the right.