For Buyers: Affording Your Home
My goal as an Accredited Buyer’s Representative (ABR®), is to help you find and purchase the home of your dreams, and your goal as a buyer is to make sure you can afford it. Preparing for a home purchase is just as important as the signing the closing papers. Prepare yourself the best you can and please let me know if you have any questions. I look forward to working with you.
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Local Area Market Outlook - Monthly Indicator (May 2017)
Home prices across the U.S. are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as we glance across the state of residential real estate, what is clear compared to the last extended run of price increases is that lending standards are now much stronger than they were before. Incomes must be verified, a reasonable amount of money must be paid toward the home prior to purchase and a more stringent loan approval process is in place to prevent a repeat performance of the Great Recession.
New Listings in North, South and West Suburban Chicagoland increased 0.2 percent to 8,715. Listings Under Contract were up 11.7 percent to 5,932. Inventory levels fell 22.1 percent to 14,726 units.
Prices continued to gain traction. The Median Sales Price increased 7.0 percent to $230,000. Market Times were down 11.7 percent to 81 days. Sellers were encouraged as Months Supply of Inventory was down 23.7 percent to 3.5 months.
In addition to a stronger base upon which to conduct real estate transactions, the overall economy is in better shape than it was a decade ago. More jobs are available, unemployment is relatively low and workers have more faith in their wages and the potential for wage increases. Although we continue to battle an inventory shortage in much of the country, optimism remains high for a successful summer for buying and selling homes.
SOURCE: MREDLLC FASTSTATS