Positive Trends in Chicago's North Shore Real Estate Market

The media has been bombarded the past few years with tales of real estate woes and facts of how the market is suffering. And you begin to wonder if the North Shore market will ever change. Well, there’s good news! It seems that some positive insights that bring about a hope for the market’s future.

- The Spring Buying Season Starts Early Due to Tax Credit

Typically, the spring buying season begins in March, but this year will get an early start. The $8,000 tax credit has a deadline of April 30, which means many will search for new homes now in order to go into contract by that time. Jim Gillespie, President and CEO of Coldwell Banker notes, “[Sales] are going to take off in February and March and really take off in April. My concern is that the move-up buyer hasn’t thought what they need to do. Their window is really short. They have to coordinate closing dates.”

Whether you’re buying your first home and want more information on the $8,000 tax credit, or if you’re looking to upgrade and qualify for the $6,500 tax credit- you can begin looking now! The North Shore has many beautiful and available homes, and I would enjoy the opportunity to work with your taste and budget to help you find your ideal home.

- Fitch Ratings Service: More Signs for a Housing Recovery

Although it is likely we will see more foreclosures come on the market due to the adjustable-rate mortgages being reset to new rates; there is an overwhelming sense that the market is on the road to recovery. Fitch Ratings stated in a recent news release that, “More positive signals and developments are emerging for U.S. housing and related industries than at any time in the past three years.” They also note last year’s third quarter trend from recession to expansion, predicting the positive growth will continue its climb this coming year.

This is an exciting time in Real Estate as we see it on the upswing and this is especially true of Chicago’s North Shore! Now is the ideal time to buy, so please contact me with any questions you may have so we can get started!

- Mortgage Applications Rise as Rates Drop

Rising 9.1% last week from the week prior are those submitting mortgage applications. An increase for these filings are due largely in part to those who are refinancing as reported by the Mortgage Bankers Association. However, according to the MBA’s latest survey, the increase is also seen in those applying to buy homes.

All of these trends are bringing about a rejuvenation to the real estate market and many are taking notice. Facts are showing that we’ve come through the worse of the market’s lows and will continue to see improvement this year. Don’t hesitate to take advantage of all the benefits of buying into the market! If you’re hoping to still find a home before the tax credits’ deadline- I can help! Please contact me today to view some amazing homes in the North Shore area.

Janie Bress
Your North Shore Real Estate Expert

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