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 (September 2016)
As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed.
New Listings in North, South and West Suburban Chicagoland decreased 1.1 percent to 6,678. Listings Under Contract were up 11.4 percent to 4,100. Inventory levels fell 17.0 percent to 17,437 units.
Prices continued to gain traction. The Median Sales Price increased 5.0 percent to $199,000. Market Times were down 7.1 percent to 82 days. Sellers were encouraged as Months Supply of Inventory was down 22.1 percent to 4.1 months.
In general, today's demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.
SOURCE: MREDLLC FASTSTATS