The Home Buyer Agents of Chicagoland
In your corner and on your side
The Latest Market Report is out. There have definitely been some surprises in the last month.
As we’ve seen so far this year, in many neighborhoods, the supply of homes for sale is tightening up. It is more important than ever to have a good agent who can help you make the best decision and make it quickly. Homes that are on the market are going fast! [Read more…]
April slowed down in the Chicago real estate market. We took a look at the numbers, and here’s what we found:
Home sales dropped from a year earlier, and median prices grew at a smaller pace than in some recent months, according to data from the Illinois Association of Realtors. In the city, the April sales total was 4.4 percent below April 2016. In the nine-county metropolitan area, down 2.3 percent from a year earlier.
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Home sales kept pumping at 2017’s healthy pace last month, according to data released by the Illinois Association of Realtors.
In the nine-county metropolitan area, 9,661 homes sold in March, up 13.1 percent from a year earlier. In Chicago, 2,478 homes sold last month, an increase of 15.3 percent. Both increases were larger than any month’s year-over-year bump since November.
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This neighborhood has evolved from a meat-packing and warehouse district, to a host for University of Illinois Chicago students, to a culinary destination and and tech hub.
In much of the country, both new and existing home sales increased in January. This continues a trend first noticed in an extremely busy December, and also signals we are seeing more than just a post-election and World Series bump. Now is the right time to buy with mortgage rates going up.
On Wednesday, the Federal Reserve raised its benchmark interest rate and signaled the likelihood of additional rate hikes later this year, home buyers will see mortgage interest rates go up. As of March 2017, according to Bankrate, the rate on a 30-year fixed mortgage has increased by 81 basis point since before the election, in which time the Federal Reserve has raised interest rates once. While the Fed does not have the ability to directly set mortgage rates, it does create the monetary policies that indirectly affect these rates. [Read more…]
