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Sell NOW Before Competition Hits the Market

Sell NOW Before Competition Hits the Market | Keeping Current Matters

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:

Sell NOW Before Competition Hits the Market

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:

  1. 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.
  2. 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.
  3. Many banks are just now foreclosing on loans that have been delinquent since the housing bust. These houses will also be coming to market.

According to Daren Blomquist, senior vice president of RealtyTrac, in the Q2 2016 U.S. Residential Property Vacancy and Zombie Foreclosure Report:

“Lenders have been taking advantage of the strong seller’s market to dispose of lingering foreclosure inventory.” 

Bottom Line

In most housing markets, don’t wait for this additional competition to hit the market. If you are considering selling your house, now may be the time.

( source )

Sales Up In Nearly Every Price Range

Sales Up In Nearly Every Price Range | Keeping Current Matters

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:

Percent Change in Sales by Price Range | Keeping Current Matters

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.

( source )

Southwest Suburbs: Birthplace of Chicago Video

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.

 

Coldwell Banker Residential – eMarketing Analytics Report – February 2016

Coldwell Banker Residential, the #1 real estate brokerage in Chicagoland (in both units and volume), also has some impressive website stats as well.

Check out the Coldwell Banker – emarketing analytics (click this link to enlarge). Coldwell Banker Residential eMarketing Analytics Feb 2015Coldwell Banker Residential eMarketing Analytics 2 Feb 2015

Thinking of selling? Contact us today to get the most comprehensive marketing for your home.

Chicago Residential Construction is Booming

This year is shaping up to be a hugely positive one for residential construction in Chicagoland, according to the latest numbers from Dodge Data & Analytics.

The year-to-date spending jump is among the strongest in the nation.

Here is a chart breaking down Dodge Data’s numbers in more detail:

Metro Area Residential Construction Spending, Feb. 2016 (in millions) YOY Change YTD 2016 Construction Spending YTD Change
Atlanta $648 61% $1,143 43%
Chicago $195 13% $606 94%
Boston $385 -21% $870 17%
Dallas $920 22% $1,682 6%
Houston $751 -35% $1,396 -26%
Los Angeles $435 -23% $739 -10%
Miami $588 13% $1,085 18%
New York $1,468 -23% $3,476 14%

Real Estate Sales Contracts Hit Highest Level in Months

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?

Sales Contracts Hit Highest Level in Months | Keeping Current Matters

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.”

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