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Chicago Real Estate on Upswing

Date : October 16, 2012

Survey shows desire to buy homes is highAccording to the latest Fannie Mae National Housing Survey, home buying is preferred to renting these days and an increased number of Americans feel that now is the time to buy and sell a home. So, if you are looking to sell or buy a home in Chicago, you can feel good about the survey results. Generally speaking a very positive outlook is being seen in the real estate market. And, you can see it in Chicago home sales, as well.

Sergio and Banks Real Estate Agent Melissa Govedarica is excited about what she’s seen in the Chicago real estate market. “The market tone in Chicago is on the upswing,” Govedarica said, adding that rising prices are very “location based” and that overall the market has stabilized. She further explained, “Buyers know it is a great time to buy. They can afford to purchase within a higher price point and qualify due to the aggressive interest rates.” Govedarica believes the rates are driving the market activity, and concludes that it’s a good thing for buyers and sellers. “I am also seeing multiple offers again!” she said.

Doug Duncan, senior vice president and chief economist of Fannie Mae backs up Govedarica’s feelings on the market, with his statement on the survey results. “Consumers are showing increasing faith…. Home price change expectations have remained positive for 11 straight months, and the share expecting home price declines has stabilized at a survey low of only 11 percent. Furthermore, the Federal Reserve’s latest round of quantitative easing has caused a large drop in mortgage rate expectations.”

Combining current home prices with current low interest rates, resulted in 19% the survey participants to agreeing that “now is a good time to sell” while 69% said they would buy if they needed to move. A total of 72% also stated that “now is a good time to buy.”

Survey participants seem to feel better about their personal finances as well, with 44% saying they were seeing improvement and 17% relaying that they had experienced significant increases in household income within the last year. To learn more about the Fannie Mae National Housing Survey and view the actual survey report and graphs, click here. As always, if you agree that now is the time to buy and sell Chicago real estate, give us a call at 773.235.6100. We can help!

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