While your Chicago home is unique and a reflection of you and your lifestyle, when it comes to Chicago home buying, sometimes it’s helpful to view at-large studies and statistics to set the expectation for individual results.
Study pools are often segmented by age and the National Association of Realtors® (NAR) just released the results of their first Home Buyer and Seller Generational Trends report. Highlighting a specific generation, known as the Millennials, those born between 1980 and 2000, the report illustrated that this age group continues to see homeownership as a good investment, a trend you may notice when selling your Chicago home.
Detailing satisfaction rates among new home buyers and sellers, the study saw an increased number of Millennial buyers who believed buying their home was a good investment, at 85% versus the overall study rate of 80%. Home buyers classified in Generation X, born between 1965 and 1979, composed the largest home buying segment, at 31%, and all home buyers surveyed reported the internet and online property search as their first step in the home buying process, making online home marketing a critical step when buying and selling your Chicago home.
Other study differences showed that younger sellers are more likely to use the same real estate agent in home purchasing and that younger buyers also want their agent to help them understand the home buying process. Another interesting statistic showed 80% of buyers aged 57 and younger buying detached single-family homes, while home buyers over the age of 57 tended towards purchasing townhouses or condominiums. See the full nationwide survey report by clicking here.
According to the Fannie Mae’s Economic & Strategic Research Group forecast, economic growth continues to increase through 2013 and the housing market is steadily recovering. Fannie Mae Chief Economist Doug Duncan reported, “Our macroeconomic and housing forecast shows very little change from July, and the steady pickup during the past few months validates our expectations for the second half of the year.” Although increased mortgage rates have impacted home refinance activity, Fannie Mae reported it having little, if any, impact on current home buying. To hear more on this, consult the August 2013 Fannie Mae Economic Outlook which expects your home prices to continue to increase, though at a less dramatic pace than has been seen in the last year.