Wednesday, July 28, 2010

The Silver Lining in Chicago's North Shore Real Estate Market!

The North Shore Real Estate market has seen its share of ups and downs along with the rest of the nation. Homes in the North Shore have always seemed to receive great attention from home buyers due to their convenient location, charming character, excellent school districts as well as options for shopping, dining and many other key features.

Over the last year the housing market has seen a surge of home sales as the government tax credit gave many the boost they needed to jump into the market with both feet. North Shore real estate saw this same effect and many homes came on the market and were swept up by excited buyers. But what type of ramifications did the tax credit bring about? Predictions told of a sudden drop off of sales, and in May and June, we found this to be true. And although it seems that perhaps the tax credit failed in its long-term goal, there is a silver lining.

According to Kenneth R. Harney, a nationally-sydicated housing and real estate columnist, there is a reason to be positive about the current market. Below are three key points he pointed out.

1. "The 2.2% drop in resales of existing homes was actually a smaller decline than many analysts had expected in the wake of the tax credit phaseout. More importantly, though, home resales in May were nearly 20% higher than the year before."

2. "Median prices in 16 of the top 20 markets were higher, including a surprising 7.4% increase in the Western region.

3. "Sixty of the top 100 metropolitan markets are seeing positive appreciation, according to Corelogic- and that's a huge contrast with a year ago, when all 100 markets were reading negative."

So it seems there's good news after all! With the North Shore market picking up, there are more opportunities to buy or sell your North Shore home. If you have questions on starting your home search, finding the ideal neighborhood, putting your home on the market or you just want to know more about Chicago's North Shore real estate- let me know! I enjoy helping people connect to this great area.

Janie Bress
Your North Shore Real Estate Expert

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