WHETHER YOU OWN A HOME OR ARE THINKING ABOUT BUYING ONE, YOU NEED TO READ THIS!
With the first half of 2019 behind us and summer quickly coming to an end, we’re getting a good sense for how the housing market is likely to perform for the rest of the year.
Although it is not a particularly exciting forecast, it is a desirable one. In Chicago, we seem to have struck a relative balance between buyer and seller interests, which to me is refreshing! While it remains true that sale prices are running higher and inventory options are relatively low, buyers are beginning to negotiate some of the best deals we have seen all year.
New listings in the city of Chicago were down 1.5% for detached homes but were up 6.0% for attached properties (condos and townhomes). Listings going under contract increased 9.9% for detached homes and 2.9% for attached properties. The median sales price was up 6.9% for detached homes and 2.4% for attached properties.
As was widely expected, in June the Federal Reserve decided not to increase rates. Residential real estate markets across the country are performing well within an economic expansion that became the longest in U.S. history in July. However, there are signs of a slowing economy and in July we saw a decrease in interest rates of roughly .25% in order to spur further economic activity. This is the first after a string of increases over the last decade.
WHAT THIS MEANS FOR YOU
If you bought a home in the last few years you may be able to refinance into the lower rate.
If you are looking to buy, with lower rates at hand and a slower fall market, now is a great time to buy.
If you’ve been thinking about selling, it may be the right time. Decreases in listing competition and interest rates, and the increase in median sales price also make for a favorable seller’s market.
REACH OUT TODAY FOR A PERSONALIZED MARKET CHAT ABOUT WHAT THIS ACTIVITY MEANS FOR YOUR HOME VALUE OR PURCHASING POWER.