What direction will the market take in 2012? It’s a question on the minds of buyers and sellers in the Chicago Real Estate market. Trying to figure out the real estate forecast is like watching the weather report; you want to make plans, and you don’t want to be caught in a storm.
Knowing when to buy or sell a home in the Chicago North Shore area, Evanston, the Indiana shoreline or Harbor Country comes down to your personal needs and abilities, more than any market trend. And while we won’t be predicting the future, we’ll share some real estate news that you may find insightful:
Real estate economists are expecting 2012 home prices to increase an average of 2%. Home sales activity is expected to increase by about 4%. This is a generalized, nationwide estimate and does not take local market factors into account.
The National Home Builders Association is reporting an improvement in builder confidence for the third straight month. Housing starts are up by 9.3% in November, with the lion’s share going to multi-family construction.
Chicago is the most-searched real estate market on the internet.
Strict mortgage lending has caused some home buyers to remain on the sidelines. Mortgage trends gaining traction among buyers include FHA financing, and using allowable cash gifts towards down payments.
Nationwide, there is a large inventory of distressed properties that have yet to flow through the market. Any impact to home values will vary by locale and the degree of saturation.
At Shoreline Property Advisors, we understand that results are what matter. Market conditions can change directions on short notice; news headlines can influence buyers; monetary policies can affect interest rates. In this market, it’s essential to have experienced, dedicated professionals on your side when buying or selling a home.
We always welcome your real estate questions. Contact us today!
Shoreline Property Advisors
@ Prudential Rubloff
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