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 (July 2016)
Even as prices rise in many communities, homes are selling faster now than they have in the past several years. This creates a situation where buyers need to move fast in order to secure homes, and they may have to pay more for them. While increasing prices generally coax more selling activity, there has been some hesitancy among potential sellers who worry that they will not be able to buy a desirable and reasonably priced home once they sell.
New Listings in North, South and West Suburban Chicagoland decreased 4.6 percent to 7,854. Listings Under Contract were up 9.6 percent to 4,956. Inventory levels fell 16.9 percent to 18,083 units.
Prices continued to gain traction. The Median Sales Price increased 6.7 percent to $224,001. Market Times were down 6.5 percent to 78 days. Sellers were encouraged as Months Supply of Inventory was down 22.9 percent to 4.3 months.
Low housing supply has already prevented an outright national boon in sales activity, despite a continuation of near record-low mortgage rates and an unemployment rate under 5.0 percent deep into 2016. The issue is not purchasing power. Many areas are falling behind last year's closed sales totals simply because of lack of available inventory. As this continues, higher prices may put a deeper squeeze on the current buyer pool.
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