Some Good Holiday News For Home Sellers
December 4th, 2009 categories: Chicago Info/News, Chicago Neighborhoods, For Sellers, Housing Market
We want to feel good during the holidays. We all want to experience a bit of that holiday cheer. Well, if you’re a home seller that just got easier: According to the latest numbers from the Illinois Association of REALTORS®, home sales in Chicago experienced a big jump in October.
The association reported that the sales of existing condominiums, single-family homes and townhomes jumped an impressive 28.5 percent in the city of Chicago this October when compared to the same month one year earlier.
The city saw 2,012 home sales in October this year. That’s a significant increase from the 1,566 home sales in Chicago one year earlier.
The entire state of Illinois had a good October, according to the REALTORS® association. The association reported that existing home sales rose 24.2 percent statewide during the month. This means that 10,986 homes were sold in Illinois this October, compared to 8,846 last year during the same month.
These are good numbers. And they’re further proof that the residential real estate market is healing.
What has caused the surge in housing sales in Chicago and the state? Officials with the REALTORS® association point to two factors: pent-up demand and the federal government’s first-time homebuyer tax credit.
Buyers have been waiting on the sidelines for a long time now. It stands to reason that they’d eventually jump back into the market, especially as sellers continue to lower their asking prices. Don’t forget, many sellers are also willing to negotiate on everything from sales price to closing dates. That has made this a great market for buyers.
The federal government’s $8,000 first-time homebuyer tax credit has encouraged many new buyers to enter the market. Congress only helped matters late last year when it not only extended the first-time buyer credit but created a new $6,500 tax credit for move-up buyers.
To me, the Illinois Association of REALTORS® numbers are an early holiday gift. They’re also a sign that the Chicago housing market – which, remember, is outperforming the state of Illinois as a whole – remains an especially good one for buyers.
