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
North Shore Real Estate
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