Tuesday, December 12, 2006

Big Spring in Chicago Real Estate Market

Sellers take note. Home buyers in Chicago are out now. My brokerage has seen an up-tick. Me personally? Clients are coming from everywhere and want to be in a place by early spring... which means they'll be writing offers in January and February. Will your home be ready? The Chicagoist (read my comments at the story) weighs in on the NAR predictions for a big 2007.

Two months ago it was crickets out there... nothin'. But I kept plugging and now it's like a switch was flicked and everyone is banging my door down for showings and consultation. It is absolutely more active than last season at this time.

From the Tribune story:

Fixed mortgage rates have been falling for most of the last four months. The average U.S. rate for a 30-year fixed loan was 6.11 percent last week, the lowest since January, according to Freddie Mac.

"Buyers, especially first-time buyers, with the combined benefits of seller flexibility and an unexpected drop in mortgage interest rates, have a window of opportunity," said David Lereah, chief economist for the Realtors group. "These conditions will persist in many areas until early spring, when inventory supplies are likely to become more balanced."

The one-to-two year fence sitters are back in. Leases are up in March, April May. Asking prices for re-sales are becoming reasonable once again right out of the gate. Interest rates are low and stable. And as far as Chicago is concerned, the demographic for young, educated professionals keeps growing and will be for years to come. This demographic, combined with our immigrant population, will continue to drive ownership.

Big spring in Chicago indeed.

No comments: