How do prospective home buyers feel about the Chicago and Lake Michigan Shoreline real estate market? We can tell you that buyers are interested in our market, and they are actively looking. The combination of low mortgage interest rates and affordable home prices are drawing buyer attention.
In fact, despite the challenges of the economy and real estate market, over 80% of Americans feel that now is a good time to buy a home. This comes from a survey released last month by the Mortgage Bankers Association.
The survey also revealed that younger, well-educated buyers are the most attracted to the market conditions we have today. In other words, these buyers have done the math! As the employment outlook continues to improve, it's reasonable to expect them to pounce on opportunities.
Some buyer momentum has already started. The Pending Home Sales Index for November 2011, increased by 7.3%. National contract activity in November reached the highest point we've seen in 19 months. Not only are new buyers entering the market, but those who had earlier setbacks, are returning.
While the glass is half-full for home buyers, it will be awhile before market strength returns. Home sellers will continue to be challenged by the presence of distressed properties; prices are expected to remain soft as a result. Buyers, while being interested in the market, have higher hurdles to clear for mortgage approval. Affecting both sides, lender home appraisals can be off the mark and spoil a deal. This is why professional expertise is a must in today's market.
At Shoreline Property Advisors, we understand that buyers and sellers have unique needs and every real estate transaction is different. When you are buying or selling a home, it’s more than a business deal; it’s part of an important personal goal, and a milestone event. A lot of money is at stake, details matter, and market experience counts! Call on our team of dedicated professionals to help you.
Your real estate questions are always welcome! Contact us for market information about the Chicago North Shore area, Evanston, the Indiana shoreline or Harbor Country.
Shoreline Property Advisors
@ Prudential Rubloff
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