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MRED Chicagoland Report for October, 2015

Transitory periods in the market are common this time of year, and after a persistent period of steady year-over-year climbs in sales metrics, recent low national numbers have not fulfilled what many predicted. But on a positive note, jobless claims have also been at low levels, coming in as the lowest number since 1973. As always, every market and situation is unique, so some numbers seen in national trends may not always line up with local markets.

New Listings in Chicagoland were down 1.4 percent for detached homes and 1.2 percent for attached properties. Listings Under Contract increased 15.3 percent for detached homes and 14.9 percent for attached properties.

The Median Sales Price was up 6.8 percent to $203,015 for detached homes and 6.4 percent to $167,000 for attached properties. Months Supply of Inventory decreased 20.0 percent for detached units and 19.5 percent for attached units.

Interest rates are an area to pay attention to as rate hikes are widely expected before the year ends. The Federal Reserve Bank has skipped two opportunities to raise rates this fall, but the final meeting in December will likely include a minor rate hike. Although we are headed into a slower time of year, as housing activity goes, there are still many nuggets of optimism to mine from monthly figures.

MRED real estate professionals can log into 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.

Any questions?  Please contact MRED’s Help Desk at 630-955-2755 or

Singles Are Falling For Their Dream Home [Infographic]

Singles Are Falling For Their Dream Home [INFOGRAPHIC] | Keeping Current Matters

Blog post via KCM Blog

Are there benefits to home staging? [Infographic]

Home staging can impact a buyer’s perception of a home and even persuade him or her to offer more money. Here are a few tips on home staging from National Association of Realtors®:

  • 96 percent of buyer’s agents say that staging has an effect on at least some buyers.
  • The living room is the room both buyers and sellers agents agree is the most important to stage, followed by the kitchen.
  • 32 percent of agents saw a one to five percent increase in sales price with staged homes.

Home Staging Infograph

For more information on the benefits of home staging, check out NAR’s 2015 Profile of Home Staging.

Blog Post via NAR Newsline Blog

New Study Finds Buyers are Going Green

Green Building HomeIf environmentally friendly features are at the top of the list of must-have items for your Chicago new home, then you’re not alone. A 2015 study by the Washington-based National Association of Home Builders’ (NAHB) publishing arm, BuilderBooks, found that home buyers consistently look for green features when searching for a new home. The study, which surveyed homebuyers nationwide, looked at consumer preferences and attitudes toward green features and terms. The results determined that buyers are likely to make a purchasing decision based on eco-friendly features.

A recent increase in green and sustainable home building reflects homebuyers’ growing interest in efficient living. Out of the people surveyed by the NAHB, 88 percent expressed that energy efficiency was a top influencer in their home purchase decision. Eighty-five percent were interested in the lower operating costs associated with green homes. The trend towards more environmentally-friendly homes means that homebuyers are looking for houses that last and pay off in the long term.

If you’re looking at homes for sale in Chicago and are interested in green living, here are some features to consider:

  • Site: Since green homes are designed to be durable, make sure you buy or build on a site you’ll be happy with for years to come. Access to lots of natural light is important, as well as plenty of room for gardens and outdoor space.
  • Materials: Buy local! Buying locally-sourced, natural eco-friendly materials supports your community. Using reclaimed materials is another way to protect the natural resources around you.
  • Windows: Windows are vital to energy-efficient homes. A house where the majority of the windows face south will reduce your heating bills in the winter, while window awnings and overhangs shade from excessive heat in the summer.
  • Water Conservation: Recent trends show that homebuyers are looking for efficient features, including water-saving fixtures and low flow toilets. A variety of drainage systems are available to catch rainwater for everyday use.
  • Roofing: Roofing is crucial to building an environmentally responsible home. Some buyers now opt for living roofs, which are covered with live plants and can be used to grow food and reduce storm water runoff. Others choose roofing materials that reflect sunlight and are specially built to accommodate for solar panels, which act as an electrical energy source and can help prevent both fires and short circuits.

If you’re interested in buying or building new homes in Chicago, consider the energy-efficient Chicago real estate options. These homes can save on electricity and water bills as well as providing a long-lasting, environmentally conscious place for your family to live. For more information on living and buying green, click here.

Blog Post via Chicagoland Real Estate Forum

Fannie Mae’s Housing Forecast [Infographic]

House Hasn’t Sold Yet? Take Another Look at the Price

House Hasn’t Sold Yet? Take Another Look at the Price | Keeping Current Matters

The residential housing market has been hot. Home sales have bounced back solidly and are now at their second highest pace since February 2007. Demand remains strong going into the winter. Many real estate professionals are reporting that multiple offers are occurring regularly and listings are actually selling above listing price. What about your house?

If your house hasn’t sold, it is probably the price.

If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. (See Chart)

Proper Pricing Pyramid | Keeping Current Matters

Bottom Line

The housing market is hot. If you are not seeing results you want, sit down with your agent and revisit the pricing conversation.

Blog post via KCM Blog


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