Have you noticed more “sold” signs around your Chicago neighborhood lately? The real estate market is definitely seeing signs of change – positive change – as shown in studies collected by Fannie Mae! If you follow the Chicago Tribune reports, you know that the Chicago home price index increased 4.5% in May, too!
Chicago real estate statistical improvements are good news, regardless of whether you are selling a home in Lake View or buying a condo in Bucktown. According to the Fannie Mae Economic & Strategic Research Group, a “modest growth” trend is expected to continue through 2012. Chief Economist of Fannie Mae, Doug Duncan, stated that, “Despite signs of deteriorating momentum for economic activity, housing continues to be a bright spot as news from the housing market has been relatively upbeat, presenting a rare upside boost to the economy.” The report further detailed that home sales nationwide increased 9% in the last year. Single family homes throughout the U.S. report to be selling 20% above their 2011 prices, as well.
The National Housing Survey released in June showed greater confidence in homeowners with regards to the real estate market, and those surveyed showed more desire to buy, when compared to poll statistics gathered over the last two years. You can read the survey results at Fannie Mae to see more details. Combining all of these reports shows that now may be a great time to buy a Chicago home. In fact, the Chicago Tribune reported that Chicago condo sales increased 4.7 percent in May, from April.
Let Us Find Your Next Chicago Home
At Sergio & Banks, we represent homes and condos in downtown Chicago. Whether you are searching for a condo in Bucktown, a Wicker Park property, a home in Gold Coast, or anywhere in the greater Chicago area, trust Sergio and Banks to provide you with the service and the answers you need. Call us at 773.235.6100 to get started on finding your next home.