Britta Rivera Venture

CHICAGO REAL ESTATE NEWS & MORE

12/4/12: HOME PRICES UP OVER 6% NATIONWIDE; LARGEST GAIN IN 6 YEARS; LOW INVENTORY IN CHICAGO

inter photoNew reports released today, finally relayed good news for the housing market.  Nationwide home prices are up 6.3%; the largest gain in 6 years.  Anyone searching for a home recently knows this news is no surprise.   Multiple offers are up and homes are selling faster than ever.

The increase in average sales price is said to be up due to low inventory and low-interest rates.  Many homeowner’s have also begun putting their homes on the market again and previously nervous buyer’s are back out.  When you combine supply and demand with record-low interest rates, this is an obvious outcome.

As a Chicago agent, this news is no shock.  In recent month’s the amount of investor’s scooping up any good available inventory, has surged.   Owner occupants are also finding it harder to find homes and have been forced to compete in multiple bid situations on a regular basis.   The short market time is also increasing and many homes are snatched up within a week.

Recently, it took me three contracts before one of my buyers to secure a home.  After a frustrating month of wasting paper and preparing paperwork, we finally won the bid on a home which had three offers.  It confirmed that you will likely need to pay more than list price just to have a chance…hence price increases.   In the case of foreclosures, the banks are riding the wave and requesting the highest and best offers regularly.  This is also driving prices up, as buyer’s become anxious to win the bid they are willing to pay more.

If you are considering putting your home on the market, now is the time.  The traditional spring market is out the door.  It is the best time to get your home sold and buyer’s are still out even in colder states.  Obviously the low inventory increases your odds of getting the best price, within the shortest list time.  But don’t get too greedy…it still must appraise out.

The incredible surge in such a short time has many states previously in trouble, at the top of the list.  You may be surprised how the top 10 list shakes out.

Another thing to note; inventory is a 7 year low in Orlando….and in many other states.  Trust me, Chicago is also seeing low inventory as well.  If you are searching for a home in Chicago or need to sell your home…call a GREAT CHICAGO REALTOR!

TOP 10 LIST OF LARGEST HOME PRICING GAINS- Published 12/4/12

ARIZONA (Up 21%!) – Was one of the worst off states early on. 

ILLINOIS

CALIFORNIA

NEVADA

IDAHO

UTAH

COLORADO

NORTH DAKOTA

FLORIDA

MICHIGAN

READ FULL STORY HERE; http://www.latimes.com/business/money/la-fi-mo-home-prices-corelogic-20121204,0,7028548.story

Advertisements

December 4, 2012 - Posted by | REAL ESTATE NEWS | , , , , , , , , , , , , , , , ,

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: