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Mortgage Rates Again at Historic Lows
Posted by on March 2, 2016
Just two weeks ago, we posted an article discussing where mortgage interest rates may be heading over the next twelve months. We quoted projections from Fannie Mae, Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors. Each predicted that rates would begin to rise slowly and steadily throughout 2016.
However, shaky economic news and a volatile stock market have actually caused rates to drop six out of the last seven weeks, and have remained at 3.65% for the past two weeks.
Rates have again fallen to historic lows yet many experts still expect them to increase in 2016. The only thing we know for sure is that, according to Freddie Mac, current rates are the best they have been since last April.
Bottom Line
If you are thinking of buying your first home or moving up to your ultimate dream home, now is a great time to get a sensational rate on your mortgage.
Blog Post via KCM Blog
MRED Chicagoland Report for December, 2015
Posted by on January 19, 2016
In 2015, national residential real estate, by and large, had a good year. Supply and demand were healthy, in an environment rife with low interest rates and improved employment. The Federal Reserve finally increased short-term rates in December, and more increases are expected in 2016. Housing markets have shown a willingness to accept this. Save for a few expensive outliers where low inventory and high prices have become the norm, a balanced market is anticipated for much of the country for the foreseeable future. Improved inventory and affordability remain key factors for continued optimism.
New Listings in Chicagoland were down 6.5 percent for detached homes and 8.2 percent for attached properties. Listings Under Contract increased 15.4 percent for detached homes and 18.0 percent for attached properties. The Median Sales Price was up 10.9 percent to $203,000 for detached homes and 3.5 percent to $165,000 for attached properties. Months Supply of Inventory decreased 23.2 percent for detached units and 24.2 percent for attached units. Gross Domestic Product increased at an annual rate near 2.0 percent to close 2015, and that rate is expected to increase next year. Residential real estate is considered a healthy piece of the national economy. Contributing factors from within the industry include better lending standards and foreclosures falling back to more traditional levels. Declining unemployment, higher wages and low fuel prices have also conspired to improve personal budgets.
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.
Top Reason to List Your House For Sale Now!
Posted by on January 7, 2016
If you are debating listing your house for sale this year, here is the #1 reason not to wait!
Buyer Demand Continues to Outpace the Supply of Homes For Sale
The National Association of REALTORS’ (NAR) Chief Economist, Lawrence Yun recently commented on the inventory shortage:
“While feedback from REALTORS® continues to suggest healthy levels of buyer interest, available listings that are move-in ready and in affordable price ranges remain hard to come by for many would-be buyers.”
The latest Existing Home Sales Report shows that there is currently a 5.1-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market and well below November 2014 numbers.
The chart below details the year-over-year inventory shortages experienced in 2015:
Anything less than a six-month supply is considered a “Seller’s Market”.
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 now!
Blog post via KCM Blog
NAR’s Latest Existing Home Sales Report [Infographic]
Posted by on January 4, 2016
![NAR's Latest Existing Home Sales Report [INFOGRAPHIC] | Keeping Current Matters](https://i0.wp.com/www.keepingcurrentmatters.com/wp-content/uploads/2015/12/Slide1.jpg)
Blog post via KCM Blog
MRED President/CEO Rebecca Jensen Honored with WCR Chicago’s Elevate Award
Posted by on December 17, 2015
Leader of MLS Giant Recognized for Her Leadership and “Breaking Glass Ceilings”
LISLE, ILLINOIS (December 17, 2015) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that its President/Chief Executive Officer Rebecca Jensen has been awarded the Women’s Council of Realtors® (WCR) Chicago’s Elevate Award, which recognizes an individual or company that promotes and supports the advancement of women in real estate.
WCR Chicago chose to recognize Ms. Jensen for her great accomplishments in the MLS industry and the wonderful example she has set for women in real estate.
Ms. Jensen arrived at MRED on March 2, 2015. She has worked in the MLS industry since 1998, and for the eight years before MRED she was the CEO of Utah’s regional MLS, UtahRealEstate.com. She is a member of the Executive Committee for the COVE MLS group and the MLS Executive Advisory Board at Realtor.com. Ms. Jensen also serves as Secretary for the Real Estate Standards Organization (RESO) and on the Broker Public Portal (BPP) Board of Managers. Ms. Jensen is one of the Swanepoel 200 Most Powerful People in Residential Real Estate and a Utah Business Magazine Forty Under 40 Honoree. She has also been recognized as a 2015 Rising Star by HousingWire Magazine.
“It was an honor to present the Elevate Award to the President/Chief Executive Officer of MRED,” said Sarah Ware, 2016 WCR Chicago President and Broker/Owner of Ware Realty Group. “Although there are as not as many women leaders in our industry as we would like, we are making great strides to level the playing field. This also speaks to the core mission of Women’s Council of Realtors ‘advancing women as professionals and leaders in business, the industry and the communities we serve.’ Congratulations again to Rebecca”
“The Chicago Chapter of WCR has recognized the amazing ability that Rebecca has to inspire greatness in others,” said Jeff Gregory, MRED Chairman of the Board and Broker Owner of Realty Executives Success. “She is truly a leader that others want to follow. What she has done and continues to do in the real estate industry will impress and inspire others — for years to come.”
“I cannot express how honored I am to receive the Elevate Award,” said Jensen. “I have been a strong supporter of WCR throughout my professional career, and respect the organization’s strong commitment to education and the elevation of women within our industry. I am flattered to join the list of successful individuals and companies that have been the previous recipients of this prestigious honor.”
About MRED
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to more than 40,000 brokers and appraisers and nearly 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 five 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.
Rent vs. Buy: Either Way You’re Paying A Mortgage
Posted by on December 10, 2015
There are some people that have not purchased a home because they are uncomfortable taking on the obligation of 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 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.”
Christina Boyle, a Senior Vice President, Head of Single-Family Sales & Relationship Management at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:
“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”
As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.
The graph below shows the widening gap in net worth between a homeowner and a renter:
Bottom Line
Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, owning might make more sense than renting with home values and interest rates projected to climb.
Blog post via KCM Blog
