MRED Blog
REinventing MLS
Category Archives: Agent “Doing Business” Discussions
Do You Fit the Description of the Typical First Time Homebuyer?
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
Millennial Buyers & Their Preferences [Infographic]
Infographic via KCM Blog
What’s the Illinois Housing Market Look Like for 2015? [Infographic]
Read more about the Housing Price Forecast from IAR
MRED Chicagoland Report for November, 2014
With 2015 near, some are pontificating about a potential change in interest rates. With virtually no inflation, rates will likely remain low for most of 2015 but could flirt with 5.0 percent toward the end of next year. Construction permits and housing starts have upward momentum, which is news in some areas but familiar in others. Prices should continue their ascent but at a tempered pace compared to recent years, which helps preserve affordability for first-time buyers.
New Listings in Chicagoland were up 2.5 percent for detached homes and 4.7 percent for attached properties. Listings Under Contract increased 9.3 percent for detached homes and 8.9 percent for attached properties.
The Median Sales Price was up 5.7 percent to $185,000 for detached homes and 10.0 percent to $154,000 for attached properties. Months Supply of Inventory increased 5.3 percent for detached units but was down 2.2 percent for attached units.
It has largely been another recovery year in 2014, yet mortgage credit and student debt remain obstacles even as the U.S. leads the global economy toward recovery. As this recovery matures, many metrics are approaching a healthy balancing point. Rates have remained much lower than most forecasters expected, and inventory levels finally started rising in most areas as sellers generally listed more properties as a result of stronger prices. Job growth should continue and wage growth is expected to pick up.
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 November Market Statistics package is scheduled to be posted this Monday, December 22nd.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.
Sales Up in almost Every Price Range
The National Association of Realtors’ most recent Existing Home Sales Report revealed that home sales were up rather dramatically over last year in five of the six price ranges they measure. Only those homes priced under $100,000 showed a decline (-6%). Every other category showed a minimum increase of at least 9.7%.
Here is the breakdown:
What does that mean to you if you are selling?
Houses are definitely selling. If your house has been on the market for any length of time and has not yet sold, perhaps it is time to sit with your agent and see if it is priced appropriately to compete in today’s market.
Blog post via KCM Blog
MRED’s Weekend Watch
Did you know MRED Training just introduced MRED Express? Learn about that and more in this week’s publication of the Weekend Watch.
MRED Blog 