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Schaumburg IL Area Real Estate Market Update - Nov 2015
Real Estate Market Update - Northwest Suburbs - November 2015This is the place to get those Northwest Suburban real estate questions answered!
This month I'd like to show you the 2016 predictive survey from CoreLogic.
1)  Higher interest rates for all loan products
2)  Increased housing demand
3)  Inflation that outpaces rent levels - Rents have far exceeded their ability to afford them & it doesn't seem an end is in site. Good if you are a landlord, bad if you're the tenant obviously.
4)  Growing home sales & demand. They are expected to see sales equal that of 2007.
5)  Declining loan originations - Most people that could refinance their homes have. There are still many that cannot.   
What about Prices?  Average sales prices have only increased between 1 to 5% on Single Family and 4 to 14% on Multi-Family.
 
Average Days on the Market tells homeowners how long it's going to take to sell their home! Each market area is selling differently. November sales have slowed signifcantly.
With our amount of inventory we are still considered a stable market where we don't have too many homes for sale or not enough.
 
The Fed has increased interest rates and just when doing so we've documented a market ... more

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