The Real Estate Market is Hopping With Home Buyers in Chicago’s Suburbs and Downtown Chicago This Spring – From Lake Zurich and Palatine – to the North Shore, to Downers Grove, Lombard and Naperville, to Bucktown and Wicker Park
Folks – the market has changed. It’s off-to-the-races for home buyers. I can’t tell you how many offers there are now on short sale, foreclosure, new construction and owner occupied homes this spring….. LOTS. In many cases, we are encountering multiple offer situations for homes that are priced right that have been well taken care of (and that are not too dated for the price) or for short sale properties.
We are swamped with home buyer clients wanting Chicagoland’s best real estate negotiator on their side! We’ll lead you along a safe path to closing – after negotiating a killer price.
We have a client heading to closing on a Bucktown property, and 5 clients in the Downers Grove / Lombard / Naperville area, and a number of clients in the Northwest Suburbs (Palatine, Lake Zurich, Vernon Hills), and a North Shore client.
Rates are down, but with the economy improving they are expected to go up – so there are a lot of people flocking to buy low and lock in a low rate. By summer, and certainly by fall – we expect that interest rates will tick higher.
Today – it was revealed that pending sales of existing homes rose to their highest level in nearly two years in March, according to the National Association of Realtors’ latest Pending Home Sales Index.
The index, which represents contracts signed but not yet closed, jumped a seasonally adjusted 4.1 percent from February to March, to 101.4. That’s the highest index level since April 2010, when the deadline for a federal homebuyer tax credit program loomed. The index was 111.3 then. Pending sales were up 10.8 percent from the same time a year ago on a non-seasonally adjusted basis.
An index score of 100 is equal to the average level of sales contract activity in 2001, a robust year for home sales and the first year examined. The index typically represents about 20 percent of all existing-home transactions. Contracts signed in March typically close one or two months later.
“First-quarter sales closings were the highest first-quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good,” said Lawrence Yun, NAR’s chief economist, in a statement.
“The housing market has clearly turned the corner,” Yun said. “Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses.”
If you’d like to put Chicagoland’s best real estate negotiators on your side, and have an agent who is TOTALLY ON YOUR SIDE (versus half on your side as a so-called “buyer agent” can be – ie – they and their company list property for sale) then call 847-566-7558 to set up an initial consultation to see if you qualify. You can visit Buyer Broker Chicagoland for more information.