Category: MARKET TRENDS & STATS

Naperville Real Estate Market Update for December 2017

How is the Naperville, IL Real Estate Market? Click play on the video below to see the market activity for December 2017.

Looking for homes in Naperville? Let us help. Here is a current list of properties for sale.

Thinking of buying or selling? We have been helping local buyers, sellers, investors and builders since 1978. Let us put our award-winning service and expertise to work for you. Sellers, receive 2X the property and buyer exposure as we are based in to regions/offices to help you. Clients receive a free home warranty at closing! Contact us today for details. (708) 529-5839.

 

Plainfield, IL Real Estate Market Update – November 2017

How is the Plainfield, Illinois Real Estate Market? Click the video to learn more.

 

Thinking of buying or selling? For almost four decades, we have been offering our award-winning service and experience to buyers and sellers alike. We are proud of our very high percentage of repeat clients and referrals. Call us today! (708) 529-5839 cell.

Naperville, IL Real Estate Market Update – November 2017

How is the Naperville Real Estate Market?
Click the video to learn more?

Thinking of selling? Get twice the property exposure as we are based in TWO real estate offices and regions. Our unmatched marketing, market expertise and professionalism have helped thousands of clients sell their homes and buyers find their new home! Contact us today.

Why Home Prices are Increasing

The Real Reason Home Prices are Increasing | Keeping Current Matters

There are many unsubstantiated theories as to why home values are continuing to increase. From those who are worried that lending standards are again becoming too lenient (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there seems to be no shortage of opinion.

However, the increase in prices is easily explained by the theory of supply & demand. Whenever there is a limited supply of an item that is in high demand, prices increase.

It is that simple. In real estate, it takes a six-month supply of existing salable inventory to maintain pricing stability. In most housing markets, anything less than six months will cause home values to appreciate and anything more than seven months will cause prices to depreciate (see chart 1).

The Real Reason Home Prices are Increasing | Keeping Current Matters

According to the Existing Home Sales Report from the National Association of Realtors (NAR), the monthly inventory of homes has been below six months for the last four years (see chart 2).

The Real Reason Home Prices are Increasing | Keeping Current Matters

Bottom Line

If buyer demand outpaces the current supply of existing homes for sale, prices will continue to appreciate. Nothing nefarious is taking place. It is simply the theory of supply & demand working as it should.

Which Homes Have Increased in Value the Most?

Which Homes Have Increased in Value the Most? | Keeping Current Matters

Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 5.6%. CoreLogic, in their most recent Home Price Index Report, revealed that national home prices have increased by 6.7% year-over-year.

CoreLogic broke appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year increases of the national median home price.

The chart below shows the four tiers and each one’s growth from July 2016 to July 2017 (the latest data available).

Which Homes Have Increased in Value the Most? | Keeping Current Matters

It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor in determining how much it has appreciated over the course of the last year. Lower priced homes have appreciated at greater rates than homes at the upper ends of the spectrum, due to demand from first-time home buyers and baby boomers looking to downsize.

Bottom Line

If you are planning on listing your home for sale in today’s market, find a local agent who can explain exactly what’s going on in your area and your price range.

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Homer Glen Real Estate Market Update

How’s the Homer Glen real estate market?

Click play to view the Homer Glen Real Estate Market Update for July 2017.

Looking to buy or sell real estate in Homer Glen or the Chicago suburbs? Judy Glockler is consistently one of the top producing agents in the area. Contact us today: 708-529-5839

Make sure to like our new Facebook page to be notified of posts and great real estate and area related information!

 

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How Low Supply + High Demand Impacts the Real Estate Market

How Low Supply & High Demand Impacts the Real Estate Market [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • The concept of Supply & Demand is a simple one. The best time to sell something is when the supply of that item is low & the demand for that item is high!
  • Anything under a 6-month supply is a Seller’s Market!
  • There has not been a 6-months inventory supply since August 2012!
  • Buyer Demand continues to outpace Seller Supply!

New Lenox Real Estate Market Update – February 2017

Click play to view the New Lenox Real Estate Market Update for February 2017.

 

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 area. Contact us today: 708-529-5839

Make sure to like our new Facebook page to be notified of posts and great real estate and area related information!