MRED Blog

If 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

Blog post via KCM Blog

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)

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

Infographic via KCM Blog

Some interesting facts:

• 25 states are forecasted to achieve higher levels of appreciation in the next 12 months than already achieved in the last year.
• 25 state and the District of Columbia are forecasted to experience a slow in appreciation.
• All 50 states & D.C. are forecasted to achieve some level of positive price appreciation.

Even though each state is appreciating at different levels, you need to know the Cost of Waiting until next year to buy your dream home!

Blog Post via KCM Blog

If you are debating listing your house for sale this year or even early next year, here is the #1 reason not to wait!

Buyer Demand Continues to Outpace the Supply of Homes For Sale

According to the National Association of REALTORS’ (NAR) Foot Traffic report, there are more buyers out in the market right now than at any other time in the past three years.

The graph below shows the significant increase in foot traffic experienced this year compared to 2014.

The latest Existing Home Sales report shows that there is currently a 5.2-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market and well below August 2014 numbers.

The chart below details the year-over-year inventory shortages experienced so far in 2015:

Bottom Line

Meet with a local real estate professional who can show you the supply conditions in your neighborhood and assist you in gaining access to the buyers who are ready, willing and able to buy today!

Blog Post via KCM Blog