MRED Blog

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NAR’s Existing Home Sales Report [Infographic]

MRED Chicagoland Report for December, 2014

It has been another recovery year in 2014 but not the same as 2013. With a broad pattern of rising prices and stable to improving inventory, the market has shifted from being drastically undersupplied to approaching equilibrium. Price gains are still positive but less robust than last year. The metrics to watch in 2015 include days on market, percent of list price received and absorption rates, as these can offer deeper and more meaningful insights into the future direction of housing.

New Listings in Chicagoland were up 4.9 percent for detached homes but decreased 2.5 percent for attached properties. Listings Under Contract increased 27.8 percent for detached homes and 15.0 percent for attached properties.

The Median Sales Price was up 1.7 percent to $183,000 for detached homes and 7.7 percent to $159,900 for attached properties. Months Supply of Inventory increased 1.0 percent for detached units but was down 6.4 percent for attached units.

Interest rates remained lower than anyone expected for the entire year. That trend snowballed with solid and accelerating private job growth to empower more consumers to buy homes. This coupled nicely on the governmental side with mortgage debt forgiveness and interest deduction preservation. Student loan debt, sluggish wage growth and a lack of sufficient mortgage liquidity still remain hurdles to greater recovery.

MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports.  You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.  MRED’s December Market Statistics package will also be posted soon.

Any questions?  Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.

MRED Announces Hiring of New President/Chief Executive Officer

rebeccajensen-1LISLE, ILLINOIS (January 9, 2015) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), has announced it has hired Rebecca Jensen to be the new President and Chief Executive Officer (CEO) of MRED.

Rebecca has worked in the MLS industry since 1998, and has been the CEO of the UtahRealEstate.com MLS since 2007. She graduated summa cum laude with a bachelor’s degree in computer science, and has earned an MBA in Technology Commercialization from Westminster College. She sits on the Executive Committee of the COVE MLS Group and also serves on the MLS Policy Committee of the National Association of REALTORS®.

Since becoming CEO of UtahRealEstate.com MLS, she led the effort to develop and successfully deploy a new in-house MLS platform, including mobile website and apps, as well as a public portal. In 2012 she launched PropertyPond.com, which is a website for rental properties. Rebecca was elected to the Board of The Real Estate Standards Organization (RESO) in the fall of 2010, where she has served as Board Chair continuously since January 2011. Her initial focus for the organization was to create and implement a sustainable long-term strategic plan, which included restructuring the entity, and gaining more support from the MLS industry. This allowed RESO to create standards including the Data Dictionary and Web API, which are now being adopted by MLSs across the nation.

Rebecca is one of the Inman News 100 Most Influential People in Real Estate, Swanepoel 200 Most Powerful People in Residential Real Estate as well as being a Utah Business Magazine Forty Under 40 Honoree.

MRED will announce Ms. Jensen’s official start date when it becomes available.

“Speaking on behalf of MRED’s Board of Managers, we are thrilled that Ms. Jensen has agreed to join MRED as our new President and Chief Executive Officer,” said Jeff Gregory, MRED Chairman of the Board, who has been serving as MRED’s Interim President and CEO since June, 2014. “Rebecca has both the required skills and knowledge for the position as well as the ability to be our leader. An exhaustive search has resulted in the hiring of someone who we look forward to working with for many years to come. This is an exciting day for MRED and our customers.”

“I am delighted to take on the challenge of leading such a prominent MLS,” said Ms. Jensen. “There are many issues confronting our industry today. I am eager to work with the talented staff at MRED and have a positive impact on our customers and the national stage. I cannot wait to get started.”

About MRED

Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 8,000 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana. MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country for two years running according to the WAV Group MLS Technology Survey. MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association, and for four consecutive years the MRED Help Desk has been identified as one of the best small business centers in the United States and Canada by BenchmarkPortal. For more information please visit MREDLLC.com.

Where will Mortgage Rates be Headed in 2015?

We finished 2014 with the 30 year fixed mortgage rate at 3.87% as per Freddie Mac. This is very close to the historic lows in the spring of 2013.

However, the Mortgage Bankers Association projects mortgage rates to be about 5% by the end of 2015. The website Investopedia agrees and gives some perspective on the 5% rate:

“Barring another financial and housing market implosion, and if the economy continues to improve, expect interest rates to rise in the latter half of 2015. If they do jump to the 5% range it will be a modest hike when compared to historical averages. Rates will still be far below the approximately 8.5% 30-year fixed-rates mortgages have averaged since 1971 when Freddie Mac started tracking them. Rates averaged 6% in the years leading up to the recession.”

Here are the latest 2015 mortgage rate projections from Fannie Mae, Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors:

Interest Rates 2015 | Keeping Current Matters

Blog post via KCM Blog

Think You Should FSBO? Think Again! [Infographic]

Do You Fit the Description of the Typical First Time Homebuyer?

Do You Fit the Description of the Typical First Time Homebuyer? | Keeping Current Matters

There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family. Others may think they are too young. And still others might think their current income would never enable them to qualify for a mortgage.

Continue reading this blog post from Keeping Current Matters

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