MRED Blog

REinventing MLS . . .

4 Reasons to Buy This Fall

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It’s that time of year; the seasons are changing and with them come thoughts of the upcoming holidays, family get-togethers, and planning for a new year. Those who are on the fence about whether or not now is the right time to buy don’t have to look much further to find four great reasons to consider buying a home now, instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.4% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.5% a year for the next 5 years.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Remain at Historic Lows

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained at or below 3.5% for 13 consecutive weeks. The Mortgage Bankers Association, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

Any increase in rates will impact YOUR monthly mortgage payment. A year from now, the percentage of your income that you spend on housing will increase substantially if you choose to wait.

3. Either Way You Are Paying a Mortgage

Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either your mortgage or your landlord’s. As a paper from the Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

4. It’s Time to Move on with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Blog Post via KCM Blog

MRED Chicagoland Report for August, 2016

Closed sales began to cool for much of the country last month, and conventional wisdom indicates that year-over-year declines are going to be present for the remainder of the year, given the low inventory situation in most markets. Demand is certainly present and has created competitive situations that have kept prices up. Rental prices are also up, which may lure more toward homeownership.

New Listings in Chicagoland were down 0.6 percent for detached homes and up 3.2 percent for attached properties. Listings Under Contract were up 13.7 percent for detached homes and 11.1 percent for attached properties.

The Median Sales Price was up 7.7 percent to $237,000 for detached homes and 1.1 percent to $188,000 for attached properties. Months Supply of Inventory decreased 21.4 percent for detached units and 23.4 percent for attached units.

As inventory continues to drop, the contradictions of today’s market are evident. Sellers should feel confident enough to list homes at fair prices and receive meaningful offers in a healthy residential real estate and overall economic environment. However, there may be lingering worry over the availability of move-in ready homes to replace what was sold. On a brighter note, building permits are trending upward. That news should be weighed against the fact that the highest level of activity is in multifamily rentals.

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.

Illinois REALTORS®, MRED Extend Member Benefit Subscription to Inman Select

Illinois REALTORS® and MRED are pleased to announce that they have signed an extension to continue to provide real estate professionals throughout Illinois with Inman Select.

MRED_Illinois REALTORSThat means that the more than 44,000 Illinois REALTORS®, many of whom are also customers of MRED, will continue to get access to the daily news service that provides extensive coverage of real estate news and trends. It’s an important member benefit that was provided by the organizations beginning in 2015.

If you haven’t signed up to claim your membership, it’s easy to do. Just go here.

“The real estate industry is complex, and providing information to our members to help our members navigate the business is an essential part of Illinois REALTORS®’ mission,” said Illinois REALTORS® President Mike Drews. ‘We’re pleased to be able to partner with MRED to provide this service.”

“Anytime we can help our customers, and do it with our great friends and partners at Illinois REALTORS®, we’re in,” said MRED President/Chief Executive Officer Rebecca Jensen.  “Inman Select does a great job of informing real estate professionals, and knowledgeable brokers are successful brokers.”

Signing up for Inman Select gives access to the service’s constantly updated news feed, an email newsletter and information on upcoming events.

Blog Post via Illinois REALTORS®

SentriLock Now Integrated With Homesnap

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Realtors using SentriLock to open lockbox key doors now have the option to view that listing in Homesnap as soon as the lock opens!

The process is simple:

1. Login to SentriSmart

2. Locate the property you wish to see.

3. Type in your PIN.

4. Once you’ve received the access code, enter it into the lockbox.

5. When prompted, choose Homesnap to view the property details. This will pull up the listing in Homesnap.

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It’s simple! Now you can learn everything you need to know about the listing from the best real estate app around.

Blog Post via Homesnap Blog

Want to Get an A? Hire A Real Estate Pro [Infographic]

MRED Chicagoland Report for July, 2016

Even as prices rise in many communities, homes are selling faster now than they have in the past several years. This creates a situation where buyers need to move fast in order to secure homes, and they may have to pay more for them. While increasing prices generally coax more selling activity, there has been some hesitancy among potential sellers who worry that they will not be able to buy a desirable and reasonably priced home once they sell.

New Listings in Chicagoland were down 7.0 percent for detached homes and 3.1 percent for attached properties. Listings Under Contract increased 8.5 percent for detached homes and 4.3 percent for attached properties.

The Median Sales Price was up 6.1 percent to $244,000 for detached homes and 2.6 percent to $195,000 for attached properties. Months Supply of Inventory decreased 20.8 percent for detached units and 24.2 percent for attached units.

Low housing supply has already prevented an outright national boon in sales activity, despite a continuation of near record-low mortgage rates and an unemployment rate under 5.0 percent deep into 2016. The issue is not purchasing power. Many areas are falling behind last year’s closed sales totals simply because of lack of available inventory. As this continues, higher prices may put a deeper squeeze on the current buyer pool.

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.