MRED Blog
REinventing MLS
Monthly Archives: May 2015
MRED Chicagoland Report for April, 2015
As we turn the page to the second quarter of 2015, a proliferation of new listings is expected in most markets across the U.S. Spring is traditionally the commonplace time of the year that we see some of the most desirable gems polished for eager buyers. Though some Google searches and Twitter posts will blatantly offer pessimism about the state of the housing market, on-the-street evidence does not support bad tidings.
New Listings in Chicagoland were up 9.4 percent for detached homes and 5.6 percent for attached properties. Listings Under Contract increased 28.7 percent for detached homes and 18.7 percent for attached properties.
The Median Sales Price was up 9.0 percent to $205,000 for detached homes and 9.2 percent to $181,250 for attached properties. Months Supply of Inventory decreased 8.2 percent for detached units and 9.0 percent for attached units.
The national home ownership percentage is the lowest since 1993, when Jurassic Park was the highest-grossing movie. Rental prices continue to astonish with accelerated price growth, which may cause some to think twice before locking in a 12-month lease. Lending practices and mortgage rates will also have a decided effect on the number of buyers who will become homeowners this year. With the release of Jurassic World this month, we are reminded of cyclical conversations in both real estate and movie making.
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.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.
Do You Know The Cost of Renting vs. Buying? [Infographic]
![Do You Know The Cost of Renting vs. Buying? [INFOGRAPHIC] | Keeping Current Matters](https://i0.wp.com/www.keepingcurrentmatters.com/wp-content/uploads/2015/05/Rent-vs.-Buy-KCM.jpg)
Some Highlights:
- Historically the Percentage of your income needed to afford a home vs. renting was a much closer margin. Making renting make sense.
- Now… Renting will cost you 30.1% of your income compared to buying a median home at 15.3% of your income.
- Either way you’re paying a mortgage… why not have it be yours?
Blog post via KCM Blog
![NAR's EHS Report [INFOGRAPHIC] | Keeping Current Matters](https://i0.wp.com/www.keepingcurrentmatters.com/wp-content/uploads/2015/04/EHS-REPORT-MARCH.jpg)
MRED Ready to Host the Mother of all MLS Events
LISLE, IL, May 7, 2015 (GLOBE NEWSWIRE) — Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that sponsor support for MREDpalooza, the real estate tech expo event of 2015, has already exceeded the total support received for the inaugural experience in 2013. Product vendors and service providers are seizing the opportunity in record numbers to participate in the occasion hosted by one of the largest MLSs in the country.
Real estate professionals are already registering to reserve their spots in the unique training sessions being offered. MRED is predicting upwards of 5,000 attendees at the 2015 event.
Joining MRED and its real estate professionals again are the vendors for some of MRED’s most utilized services, including:
- W &R Studios, which provides Cloud CMA, the awesome Comparative Market Analysis software, and Cloud Streams, the soon to be live product providing real-time listing alerts
- ShowingTime, which provides ShowingAssist, the real estate showing management software; and
- DocuSign, the Global Standard for Digital Transaction Management.
Industry association backing has been provided by the Illinois Association of Realtors (IAR), the Chicago Association of Realtors (CAR), and the Mainstreet Organization of Realtors (MORe). Brokerage support has come from Baird & Warner and Coldwell Banker Residential.
“I could not be more excited about MREDpalooza 2015,” said Rebecca Jensen, MRED President/Chief Executive Officer. “Obviously, the word is out about the event! This is a great opportunity for MRED and vendors to show appreciation to our customers. We anticipate a fun occasion full of the latest products, technology and sixty-three class sessions that are sure to help any and all real estate practitioners.”
About MREDpalooza
MREDpalooza is one of the largest MLS tech expos in the country. Taking place Tuesday, June 23, 2015, from 9:00 a.m. to 4:00 p.m. at the Donald E. Stephens Convention Center in Rosemont, Illinois, MREDpalooza will be a great opportunity for MRED’s real estate professionals to learn about a myriad of real estate products and services to enhance their businesses.
MRED is planning for several thousand attendees and scores of vendors, many of whom have already committed to attending. Product training sessions will be offered throughout the day, providing more in-depth understanding of many of the products. Those wishing to attend or exhibit at MREDpalooza are asked to visit MREDpalooza.com for registration and sponsorship information.
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.
MRED Chicagoland Report for March, 2015
MRED Chicagoland Report for March, 2015.
All expectations in 2015 are for a healthy and energetic selling season. National stories have been highlighting an increase in new construction sales and pending sales, but national stories are not always readily applied to the local scene. All the same, if ever there was a year to list or purchase a home, wider economic factors seem to indicate that this is the one.
New Listings in Chicagoland were up 19.3 percent for detached homes and 9.4 percent for attached properties. Listings Under Contract increased 34.5 percent for detached homes and 21.6 percent for attached properties.
The Median Sales Price was up 13.1 percent to $198,000 for detached homes and 16.2 percent to $180,100 for attached properties. Months Supply of Inventory decreased 5.4 percent for detached units and 7.6 percent for attached units.
On average, more people are employed and making more money than they were at this time last year. The jobs picture, as a whole, looks promising. Employment drives home-buying activity, so it is ever critical to watch labor statistics as a key indicator for the residential real estate market. Coupled with the mostly positive jobs picture, it is widely expected that mortgage rates will remain as they are for at least the first six months of the year.
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.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.
MRED and Rate Plug Help in Horse Race to Sell More Homes
Chicagoland MLS Giant Introduces “FHA Eligibility Indicators” to its MLS System
LISLE, ILLINOIS (May 1, 2015) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced it has introduced a new tool to help its real estate professionals sell more properties and provide greater service to the consumer.
When FHA financing is available to buyers of a property, there are lower down payment and easier credit requirements available. MRED has collaborated with RatePlug and FHA Pros to add FHA eligibility indicators to all condos and townhomes in connectMLS. MRED customers can now simply look for “traffic light” indicators on each condo and townhome listing in the MLS to see if the property is FHA approved (green light), conditionally approved (yellow light) or not approved (red light). There is also handy information regarding obtaining FHA approval for those properties that do not have it.
“FHA PROs, in partnership with RatePlug, is excited to provide to MRED, a leading MLS innovator, real time condominium data that relates to FHA approval, eligibility, and assumability information by specific property address,” said Christopher Gardner, CEO of FHA PROs. “This technology will assist agents who are selling condominiums to be much more efficient and accurate when marketing the property, as well as providing valuable information to their homebuyers regarding potential specialty financing options.”
“We’re excited to introduce another way for our real estate professionals to help their customers find their dream home,” said Rebecca Jensen, MRED President/Chief Executive Officer. “As we have done with our other services, FHA Eligibility Indicators significantly benefit the consumer as well as MRED’s Brokers. This adds yet another tool to MRED customers’ toolboxes.”
The FHA Eligibility Indicators enhance the value of the existing RatePlug Program, which allows for the display of real-time housing payment information within MLS property listings. This helps real estate professionals and homebuyers effectively search for affordable properties. The system uses live lending data from lenders who are referred by and work with participating Brokers.
Currently, there are over 14,000 MRED members using RatePlug. The program provides reliable financing information to homebuyers at the very beginning of the real estate buying process so that sound, knowledgeable decisions are made about housing affordability and financing.
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.
MRED Blog 