Archive for the 'FSBO's' Category
Chicago Home Sales Reach A Milestone In September
October 26th, 2009 categories: Chicago Info/News, Chicago Real Estate News, FSBO's, For Buyers, For Homeowners, For Sellers, Housing Market
Chicago home sales made a bit of history in September. According to the Illinois Association of REALTORS®, total sales of existing homes in Chicago rose 5.8 percent that month when compared to September of 2008.
This is big news. It’s further evidence that the housing market here has stabilized. We’re in a recovery now, and there’s no denying it.
Overall, home sales throughout the state of Illinois rose 3.3 percent in September of this year when compared to one year earlier. This marks the first time that we’ve seen a year-over-year increase in local home sales since March of 2006.
In the city, 1,918 homes sold in September. That compares to 1,813 sold during the same month one year earlier.
I can point to several reasons for this sales increase. First-time buyers, encouraged by the federal government’s $8,000 tax credit, hit the market hard in the late summer and early fall months. They know that the tax credit is due to expire at midnight on Nov. 30, and they didn’t want to miss their chance to qualify for it. Add historically low interest rates to the mix and one sees why sales have begun to show a spike upward.
Secondly, it seems that Chicago sellers are now pricing their condominiums and single-family homes at prices that are attracting the attention of buyers. Smart buyers know that Chicago housing today is a great bargain. They’re taking advantage of these terrific sales prices.
Finally, you can’t discount the overall strength and resiliency of the Chicago housing market. Sure, even the city’s top neighborhoods have seen home sales decline during the housing slump. But these markets, neighborhoods like Old Town, Lincoln Park, Wicker Park, Lakeview, Lincoln Square and Roscoe Village, are so attractive, and offer so many amenities, that I knew they’d rebound quickly from the residential real estate slowdown.
And that’s just what is happening now.
I’m particularly impressed that Chicago outperformed the rest of the state, seeing its home sales increase 5.8 percent in September while sales in the state as a whole only jumped a bit more than 3 percent.
To me that says one thing: Chicago remains a great place to buy a home.
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Pending Home Sales Yet Another Sign Of A Recovery
September 18th, 2009 categories: Economic Recovery, FSBO's, For Buyers, For Homeowners, For Sellers, Housing Market
Even the most pessimistic of analysts have to admit now that the evidence of a housing recovery is piling up.
Earlier this month, the National Association of REALTORS® reported that the number of pending home sales rose again in July. This marks the sixth straight month that this figure has risen.
That’s significant because it’s a record. This is the first time this figure has risen for so many consecutive months since the REALTORS® association first began tracking pending home sales in 2001.
The pending home sales index is a bit complicated. It’s based on sales contracts signed each month. In July, then, the number of housing contracts that consumers signed rose again. This, of course, is a good sign that the housing market is regaining its strength.
Lawrence Yun, the chief economist for the National Association of REALTORS®, said that the housing recovery is now gaining momentum across the country. We’ve seen signs of it here, too, in Chicago, as housing sales in the city continue to rise month after month. At the same time, the prices of condominiums and single-family homes in Chicago are slowly, but steadily, rising again.
Yun points to first-time homebuyers as one of the main catalysts for the current recovery. The REALTORS® association estimates that from 1.8 million to 2 million first-time buyers will take advantage of the federal government’s $8,000 first-time homebuyer tax credit this year. The association also says that about 350,000 home sales that will take place this year would not have happened without the tax credit.
Chalk up the increase in pending home sales as yet one more sign that the housing market is in the midst of a much-awaited recovery. Remember, as the housing market regains its strength, it will exert a positive influence on the rest of the economy. A strong housing market usually equals a strong economy, too.
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The Housing Market Index Reaches A 16-Month High
September 17th, 2009 categories: Chicago Real Estate News, Economic Recovery, FSBO's, For Sellers, Housing Market
According to the country’s home builders, the housing market is looking good.
Each month, the National Association of Home Builders releases its Housing Market Index report, a survey geared at taking “the pulse of the single-family housing market”.
Respondents report on three facets of their business, each series weighted and averaged:
- How are market conditions today?
- How do market conditions look 6 months from now?
- How is the traffic of prospective buyers of new homes?
For the 3rd straight month, the Housing Market Index improved. It’s now at its highest level since May 2008.
The housing market has shown signs of life since March. Both Existing Home Sales and New Homes Sales have soared and home values are up in a lot of towns. Builders showing confidence is another positive signal.
Fed Chairman Ben Bernanke said that the recession is “very likely over” and strong housing data corroborates that statement.
As the economy strengthens and housing does, too, home sellers will start to regain the upper-hand in contract negotiations. If you’re an active home buyer, therefore, and looking for “a deal”, be aware that time is close to running out.
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The Long-Term Trendline For Existing Home Sales Points To A Housing Recovery
August 25th, 2009 categories: FSBO's, For Buyers, For Sellers, Housing Market, Real Estate News
The housing market continues to surprise. Last week, the latest good news came in the form of the monthly Existing Home Sales report.
An “existing home” is a home sold by an existing owner as opposed to a developer. It’s non-new construction property.
The data on Existing Home Sales was noteworthy for its trends:
- Sales volume rose over four straight months for the first time in 5 years
- Sales volume rose year-to-year for the first time in 4 years
- Median home prices fell for the first time since April
Furthermore, first-time home buyers and buyers of “distressed” homes accounted for nearly one-third of the market activity each.
But, before we declare a bottom in housing, it’s important that we remember the First Rule of Real Estate — All Real Estate Is Local.
The Existing Home Sales report is not neighborhood-specific. It lumps cities like San Diego and Saint Paul into a giant sample set and fails to account for regional differences in real estate, let alone neighborhood ones.
This is the primary reason why on-the-ground real estate agents are better sources for a market pulse versus a report from a national trade group. The national group can’t know the happenings of every street and every home in a market.
That said, however, the national data isn’t completely useless.
Looking at the long-term patterns in the Existing Home Sales report, we can infer that ample supplies, low mortgage rates and tax credits are spurring home sales in a lot of U.S. markets.
Eventually, this will lead home prices higher.
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Looking For A Mortgage Lender? Ask Your REALTOR®
August 5th, 2009 categories: FSBO's, For Buyers, For Homeowners, Mortgage Info
Choosing a mortgage lender is no easy decision. It’s even more difficult in today’s lending environment, as mortgage lenders and bankers have become pickier over to whom to lend money.
It’s natural to be nervous about this decision. After all, a mortgage loan officer is handling what will be one of the largest financial transactions of your life. It’s also harder to trust mortgage lending companies these days. After all, the newspapers have been filled with stories about deceptive lending practices ever since the housing boom began. Then there was the news last week, as reported here in the Wall Street Journal, that Illinois Attorney General Lisa Madigan has filed a lawsuit against Wells Fargo & Co. The lawsuit alleges that Wells Fargo illegally discriminated against minority borrowers.
Yes, there are bad loan officers out there. The truth, though, is that there are many more good, dedicated loan officers in the mortgage industry. The bad press tars even those loan officers who always act in the best interests of their clients. It’s an unfortunate situation.
There is one way to ease your nerves, though, when selecting a mortgage lender: Ask your REALTOR® for his or her recommendation.
Experienced REALTORS® have built up relationships with industry professionals whom they know work hard for their clients. That includes mortgage loan officers. Your REALTOR® wants you to have the smoothest home-buying experience possible, so you know he or she is going to recommend only hard-working, ethical loan officers to you.
Of course, this doesn’t mean that you shouldn’t do your due diligence. Make sure to ask any loan officer, even one recommended by your REALTOR®, for a list of references. Then call those references. Ask them if the loan officer was good about returning phone calls. Ask if the loan officer guided them to a mortgage loan product with which they were comfortable. And ask if everything went smoothly at the closing table.
Remember, your REALTOR® isn’t only someone who chauffeurs you from home to home. A REALTOR® is also an advisor, one who can help you navigate the process of making the biggest financial decision of your life. Tap your REALTORS’® expertise when it comes to finding the right mortgage loan officer.
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