Real Estate Market Update - Northwest Suburbs - November 2015
This 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.
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 slow down across the board. I still believe that the real estate market is at a delicate teetering point and to be honest we really don't need any interference from the Feds. Every 1/4 percent in an interest rate hike will cost buyers money and have a possible effect on our less than enthusiastic sales.
Looking for an agent that's a true market expert? I can zero in to your specific area and give you the current market details so you can make an informed decision and help your home sell faster. My experience plays an important role. I'm one of those unique people that will tell you how the market really is explaining the good with the bad.
Looking for a home in the area? Please give me a call or email me to talk about the possibilities. You will need current market strategies to get you into that new home.
Sources: MRED November Stats 2015