You may have heard on reviewed my recent blog post...home sales in the Chicago-North Shore-Illinois area continued a surge 14.8 percent in the last quarter of 2011. This is superb news for the economy as well as for homebuyers or sellers who feel confident enough to re-enter the housing market. According to real estate data experts like Geoffrey Hewings "there is the likelihood that there will be year-over-year sales gains in the state through the first quarter of 2012."
So what do the numbers really mean? Primarily one doesn't have to put off buying or selling a home because of uncertainty with North Shore real estate housing market reports.
If you are selling, home sales have maintained an increase from July to December 2011, which is a strong indicator that the economy is on a recovery track. Home prices are expected to rise each year from this point, even if those increases are modest. History making low interest rates are moving smart investors off the sidelines and into residential real estate. This more sophisticated breed of buyer is driving up demand and subsequent price increases in areas such as Chicago’s North Shore.
If you are buying, with good credit and the required down payment, this is an ideal time for you. You may be able to negotiate a lower price on a home you have your heart set on. You will certainly pay less than you will in a few years from now when the economy finds even footing.
The current market is certainly unique, but the housing conditions resemble any mid-recovery period. And, for all its ups and downs, the facts reflected in the current North Shore housing data shows: you can still become a homeowner with the right funding and you can still sell your house with the right pricing.
Feel free to stop by our North Shore Coldwell Banker office. We will proudly provide more detail on North Shore market data/history/reports and trends. You'll find us in the heart of downtown Glencoe, Illinois 60022, 640 Vernon Ave.