Spring Housing Market in Chicago Sprouting New Growth
With the spring buying season quickly approaching, both buyers and sellers are wondering what the new season will have in store for the housing market in Chicago. According to a new report, the landscape for the housing market may not be as daunting as past seasons. The number of homes for sale has been slowly declining, giving both buyers and sellers a little more confidence and helping list prices stabilize.
A Realtor.com report states that overall, national inventories have dropped more than 20 percent since last year and houses are staying on the market for shorter periods. Chicago has also seen a rise in list prices with a 7% rise since last February and the stage has been set for a widespread move towards recovery. According to the report, the housing markets throughout the nation are in better condition than at any time in the 2009-2010 tax credits.
In order for the housing market to be considered in “recovery mode”, experts say that there are still various hurdles that need to be cleared. Some of the markets that were hit hardest during the recession, such as Florida and Phoenix, AZ, have had some of the largest year-over-year declines in inventories and increases in median list prices. These are both good signs, and will contribute to an increase in the overall health of the housing markets in these states.
When you look at states like Chicago, Detroit and Milwaukee, who didn’t experience tremendous home value increases during the housing boom, you will see that these states are now registering some of the largest declines in median list prices. Even if your local housing market is suffering, it is important to have the perspective that conditions are improving. A positive outlook can go a long way in improving morale and boosting Americans’ perception of the economy as a whole. When people see that the national numbers are stabilizing, it gives them hope that their local housing markets may also be on the rise as well.
One of the keys to the recovery of the housing market is mortgage credit. Interest rates are expected to stay low in the near future, but it is still important for people to maintain good credit and consistency in making mortgage payments. If you are looking into buying a home, it is important to have the support of an experienced real estate attorney and a Chicago real estate lawyer who can protect your rights and your best interests. The mysteries of the housing market can be explained with the help of a knowledgeable real estate attorney who is up-to-date on laws and current trends.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.