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 (October 2016)
As we enter the final quarter of 2016, not much has changed since the year began. Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.
New Listings in North, South and West Suburban Chicagoland decreased 12.2 percent to 5,675. Listings Under Contract were up 8.4 percent to 3,990. Inventory levels fell 19.0 percent to 16,315 units.
Prices continued to gain traction. The Median Sales Price increased 7.0 percent to $199,000. Market Times were down 9.0 percent to 86 days. Sellers were encouraged as Months Supply of Inventory was down 23.5 percent to 3.9 months.
Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of firsttime buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part.
SOURCE: MREDLLC FASTSTATS