– Dick Greenwood, Director, Builder Marketing
Anyone who has been sitting on the sideline the last few years trying to decide if now is the time to sell should jump in with both feet. Here’s why…
- Inventory is at an all time low. In the Chicago metro, inventory is down 74.5% from 2011 to an all time low of 4 months supply. To the seller this means there is no real competition. If the home is clean, it will sell and sell fast. Most clean homes are now getting multiple offers driving up the asking price.
- The National Association of Homebuilders and First American Improving Market Index in January rose to 242 markets. This index reads which markets have sales and prices increasing and Chicagoland is in the improving market segment.
- Trulia did a study in December of 2012 and found that 82% of the metro markets they studied experienced an increase in asking prices at the end of December, compared to just 12% in 2011. Again, in Chicago prices are rising.
- In the latest study done by Core Logic, a national research firm, the number of Americans who have gone from negative equity to positive equity is over 1.4 million. Their findings show that now 78% of all people with mortgages have positive equity. This fact alone will get the sellers back into the market as well as the buyers. The positive equity we are now seeing is a result of a market showing increase in the value of homes.
All of the above says—SELL NOW and BUY NOW!
The market is outstanding!