MRED Blog

REinventing MLS . . .

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.

Upstream

Upstream

MRED has updated MRED’s Upstream Site with a reading list of articles pertaining to Project Upstream. You can find the reading list under “External Links and More Information”.

If you have any questions, please email upstream@MREDLLC.com

Why You Should Hire a Real Estate Professional When Buying a Home!

20160802-KCM-Share

Many people wonder whether they should hire a real estate professional to assist them in buying their dream home or if they should first try to go it on their own. In today’s market: you need an experienced professional!

You Need an Expert Guide if You Are Traveling a Dangerous Path

The field of real estate is loaded with land mines. You need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and ready for you to move in to can be tricky. An agent listens to your wants and needs, and can sift through the homes that do not fit within the parameters of your “dream home.”

A great agent will also have relationships with mortgage professionals and other experts that you will need in securing your dream home. 

You Need a Skilled Negotiator

In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step of the way – from the original offer, to the possible renegotiation of that offer after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.

Realize that when an agent is negotiating their commission with you, they are negotiating their own salary; the salary that keeps a roof over their family’s head; the salary that puts food on their family’s table. If they are quick to take less when negotiating for themselves and their families, what makes you think they will not act the same way when negotiating for you and your family?

If they were Clark Kent when negotiating with you, they will not turn into Superman when negotiating with the buyer or seller in your deal. 

Bottom Line

Famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good agent will save you money…not cost you money.

Blog Post via KCM Blog

Brexit 1 Month Later: The Impact on Mortgage Rates

Brexit 1 Month Later: The Impact on Mortgage Rates | My KCM

Just over a month ago, the United Kingdom decided to withdraw from the European Union in a decision commonly known as Brexit. At that time there was a lot of speculation on how that decision would impact the U.S. residential mortgage market. Today, we want to look at the impact of the first 30 days.

Most believed that the Brexit decision would drive mortgage rates down and keep them down for some time. As CoreLogic reported:

 “First-time buyers can count on continued low mortgage rates to help with affordability issues. Similarly, re-setting adjustable rate loans will have less of a rate shock, and in some cases may even go down.”

What has actually happened?

Initially, rates did fall. However, Freddie Mac has reported that rates have stabilized and have actually increased marginally each of the last two weeks. This prompted Freddie Mac Chief Economist Sean Beckett to say:

“Post-Brexit volatility tapered off over the last two weeks, allowing interest rates to bounce back a bit from their near-record 30-year mortgage rate lows.”

And, Capital Economics Property Economist Matthew Pointon believes rates will continue to increase:

“Given we expect Brexit will have a minimal impact on the U.S. economy, we see no reason to change our forecast for mortgage rates to reach 3.85% by the end of this year, and 5.0% by the middle of 2018.”

For now, it appears that the impact of Brexit on the U.S. housing market was not as dramatic as some thought it could be.

Blog Post via KCM Blog

Should I Wait Until Next Year? Or Buy Now? [Infographic]

How to Download Your Homesnap Pro Account

Homesnap-Pro-App

  1. Look for your email from Homesnap with your personalized link to download Homesnap Pro
  2. This link will take you to your app store to download the app
  3. After the app has downloaded, open the app and when promoted, click “I’m a Real Estate Agent”
  4. Next, click “Yes, I am a member of MRED”
  5. Search for your MLS account with your name
  6. Choose which way you would like to verify your account, email or text message
  7. Confirm your profile information and add a photo. NOTE: You MUST add a photo to your account
  8. Create a password for your account
  9. Click “Complete Profile”

Watch the Video »

Homesnap University »

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