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 (February 2017)
The start of the year ushered in a wave of good news about a hot stock market, higher wages and an active home sales environment. At the same time, housing prices have continued to rise, and the low inventory situation and affordability crunch has been particularly hard on first-time buyers struggling to get into the market. Nevertheless, buyer activity is easily outpacing seller activity in much of the country, culminating in relatively quick sales and low supply. Demand definitely remained strong this month.
New Listings in North, South and West Suburban Chicagoland decreased 3.3 percent to 6,661. Listings Under Contract were up 9.0 percent to 4,468. Inventory levels fell 21.9 percent to 13,160 units.
Prices continued to gain traction. The Median Sales Price increased 7.3 percent to $186,250. Market Times were down 8.3 percent to 108 days. Sellers were encouraged as Months Supply of Inventory was down 24.8 percent to 3.1 months.
Unemployment has reached pre-recession levels, and Americans remain optimistic about finding quality employment. This matters because job growth and higher paychecks fuel home purchases. Unfortunately, that won't matter for potential buyers if price appreciation outpaces income growth and if mortgage rates continue their upward trend. Sellers are getting a generous number of offers in this market. The worry for sellers then becomes that there will not be a generous number of homes to choose from when they become buyers.
SOURCE: MREDLLC FASTSTATS