As reported in my monthly Chicago Real Estate Update newsletter,
JANUARY IS THE NEW SPRING MARKET
The article, which you can read below, spells out why now is such a great market – inventories are low and it will be a busy spring market… don’t wait to act!
The health of any Chicago real estate market can be measured in terms of inventory
of homes — not just how many
are for sale, but how many are for sale in relation to how many are selling and have recently sold. (Read the article below for more details…)
Chicago Real Estate Market…
As of January 3, there are 5511 homes for sale in Chicago, while an average of 1837 homes have sold over the last 3 months. That means that there are currently 4.6 months’ worth of homes for sale in the city – a very healthy number indeed!!
For a detailed summary of Chicago Real Estate -Select the following link for the Chicago Real Estate Update- Summary Nov 2012
My Market Area …
In my market area, the Chicago Real Estate area roughly extending from the Loop to Edgewater*, the numbers are even more exciting! Sales are moving at a terrific clip, and the inventory of homes is lower than the Chicago city average. The following numbers include both detached and attached real estate properties…
There are 2210 properties for sale vs.1853 sold over the last 3 months (617.7 sold/month).
This is a 3.6 month inventory!
What does this mean?
- Generally speaking, it’s a sellers’ market,
- If you are thinking of selling – NOW is the time to put your property on the market,
- If you are looking to buy – you need a real estate agent who can sift through the properties to find that one special home for you,
- Don’t think there aren’t enough homes to choose from, and you must therefore wait to buy.
The interest rate savings TODAY combined with lower purchase prices mean you can buy a bigger property
You can afford to make the few cosmetic improvements that personalize your home.
Don’t wait until rates are higher and prices rise again –
you’ll miss this buying opportunity!
**Census tracts 8032,8008,8007,8006,8005,8004,8003,8077
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Here’s a reprint of one of the January, 2013 email articles…
To say the housing market has changed drastically throughout 2012 is an understatement. Buyer confidence has been on the rise throughout the year, providing vital movement in the market. While sellers have notoriously waited to list their homes until the busy spring market, many industry sources indicate that the time to sell is now.The monthly supply of inventory (MSI) is one such source, providing an excellent gage for the housing market. MSI uses simple math to indicate how long it would take for all the homes currently on the market to be sold based on current inventory and sale rate. A “normal” or neutral market is six months of inventory. In 2009, the height of the housing crisis, the MSI was over 17 months, a definite buyer’s market.
In November, the MSI was down to just over four months, indicating a lack of housing inventory and a potentially prime seller’s market. The lack of inventory has created pent-up demand, driving market time down by 10 percent and creating a sense of urgency with buyers to find the right home.
What does this mean for sellers? Declining inventory + compelling pricing = shorter market time and more ‘sold’ signs.If you are thinking of listing in the near future, it’s important to have your home ready to hit the market.
Contact me today if you are interested in selling your home. I’ll work with you to develop a pricing and marketing plan, as well as advise you on the steps you can take to make your home more appealing to potential buyers.If you are considering buying a new home during this time of historically low interest rates, please contact me for the latest available properties.
I will be happy to provide you with market information specific to your desired neighborhood so you can find a home that suits your unique needs.