Wednesday, January 4, 2012

New Year, New Buyers for Chicago North Shore Homes!

Let's start off the New Year with a bit of good news! The Pending Home Sale Index for November 2011 increased by 7.3%, reaching a level of 100.1 This is the highest point the Index has reached in 19 months. 

The Pending Home Sale Index is based on national contract activity, namely accepted purchase offers. The Index includes new contract activity, as well as second-round attempts from previously canceled deals. 

Contract failures can occur when buyers have problems with final mortgage approval, or the appraisal comes up short. Nationwide, it appears that more buyers are returning to the deal after an initial setback, rather than abandoning the purchase. This is good news for the market as a whole.

In fact, home buyer sentiment is overwhelmingly positive, according to a study released last month by the Mortgage Bankers Association. The survey found that 80% of Americans believe that now is a good time to buy a home, despite concerns with the economy. It also showed that younger, well-educated buyers are the most encouraged by low mortgage interest rates and affordable home prices. 

Combine these trends with the fact that Chicago is the most-searched real estate market online, and you can't help but feel optimism for the North Shore real estate market.

Home sellers in the Chicago North Shore area will continue to have competition from distressed properties, and it could be many months before we see a more balanced market. That said, there are opportunities in North Shore real estate today that may not be here a year from now. This is why having professional expertise on your side is so important! Market conditions and economies change; cycles come and go.

As your North Shore Real Estate agent, I have the experience you can trust. No matter the market conditions, I can help you buy or sell a home in Deerfield, Glencoe, Highland Park, Northbrook or Winnetka. Contact me for reliable North Shore market expertise.

Janie Bress
Your North Shore Real Estate Expert

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