The answer is that housing industry growth is minimal because too few homes are for sale, and rising prices of homes in many markets have made home ownership financially out of reach for many families.
In the Chicagoland area, how long does it take to complete a sale once you agree to a purchase contract?
Some transactions take longer than others to get from signed contract to closing table for various reasons. Most of them having to do with the buyer securing financing, but other items may add to the timeline like issues arising from inspections, title deficiencies, and any number of unexpected matters.
In the Chicagoland area, the average time from accepted contract to closing per month in 2017 was as follows:
Housing inventory in Chicago and the Chicagoland suburbs remains low, making our local residential real estate market a seller’s market. Well-priced homes in desirable locations are selling quickly, and in some instances, receiving multiple offers.
In this climate, making a stronger offer than other buyers will make all the difference. Your agent will guide you through the process and help you create the strongest possible offer within your comfort zone and affordability limits.
According to a recent Bloomberg report, millennials want to own their own homes, and in increasing numbers would like to live in the suburbs. They’re getting married and having children later than their parents did, but they are starting to “cross barriers typically associated with buying,” Bloomberg reports.
Approximately one-third of home purchases are made by millennials who are making the leap from renting to owning their own home.
Learn about the significant changes made by Fannie Mae to help people burdened with student debt qualify for home loans. Many first-time home buyers will be affected by these changes.
If you have been turned down for a home loan in the past because your debt-to-income ratio was too high, Fannie Mae just announced it has raised the DTI ratio from 45% to 50%. If you can document that someone else is making your student loan payments, say your parents or your employer, Fannie Mae will no longer count it toward your DTI.
Zillow's Zestimates were referred to by the L.A. Times as "one of the most sensitive perception gaps in American real estate". The perception gap comes from the lack of understanding consumers have about zestimates, how they are determined, and how accurate, or inaccurate, they can be.
Purchasing your first home is a major life — and financial — milestone. After weeks or months of going through the search process and tempering your expectations to market realities, you get to sign on the dotted line and, at long last, join the ranks of homeowners.
But before you do, it’s important to keep in mind all of the changes that come along with homeownership. Owning a home involves a lot more than sending your monthly payment to a different address. There are a few more considerations to make before taking the plunge.
Whether your home is a house, condominium, cooperative apartment, mobile home, houseboat, or house trailer that contains sleeping space and toilet and cooking facilities, there are things you should know about home ownership and how it affects your taxes.
Things like how you treat items such as settlement and closing costs, real estate taxes, sales taxes, home mortgage interest, and repairs. There are items related to buying, selling, moving, and owning a home that you can and cannot deduct on your tax return.
If you're thinking of selling or buying real estate in the Chicagoland area, you have probably heard about the very low inventory of available properties to buy. At the moment inventory levels have plunged to new multi-year lows in many areas. There is very little competition for sellers, and there are lots of buyers just waiting for homes to come on the market.
In most Chicago communities inventories are down from 10-30% from this time last year . . . and inventories were low last year at this time.