It’s hard to believe that Christmas is behind us and we’re embarking on a new year! I hope you all enjoyed a great holiday season with loved ones whether you traveled far or created a cozy and welcoming environment in your North Shore home.
As with each year in working as a North Shore Real Estate agent, I always anticipate what the new year will bring for Chicago’s North Shore Real Estate market. The past few years in the national housing market have been a little rocky, but it looks as though 2013 will continue the upward movement and growing stability of the housing market as a whole.
Recently, MoneyCNN reported on the S&P/Chase-Shiller index noting that home prices posted the largest percentage gain in more than two years, with prices up 4.3% in October compared to last year. These trends are expected to continue with other factors playing into the housing market boost. Things such as a five year low in foreclosures, lower unemployment and the still low mortgage rates will result in more active buyers. This, in turn, will drive up home prices.
Lawrence Yun, the National Association of Realtors chief economist commented on the recovering market for 2013 by adding that "sellers will smile more, and buyers will need a more concentrated focus.” Buyers will find greater competition and will need to act quickly when they find a home they like.
Of course this also results in great news for sellers in the new year. The demand of buyers will result in higher home prices, which will give sellers an opportunity to put a larger down payment on their new home. This is just the cycle that needs to happen for the market to continue its improvement in 2013, and it looks like it’s already picking up speed.
The bottom line? If you’re considering buying a North Shore home this coming year; don’t wait until the spring market to do so! Get a jump start on the competition by following these helpful tips:
1. Get Your Financials in Order- You don’t want to wait until you find your dream home on the North Shore to start getting your financials together. Meet now with your lender, know your credit score and determine your home buying budget and down payment.
2. Begin Your Search Online- If you’re new to the area or are relocating to the North Shore, starting your North Shore home search online can help give you an idea of the types of homes available in the North Shore.
3. Find an Experienced North Shore Real Estate Agent- Having an experienced North Shore Real Estate agent by your side will ensure you receive the best service possible. You want someone who knows the ins and outs of the market and can guide you with the advice needed for navigating through the home buying process.
As always, I’m here to answer your questions and guide you each step of the way! 2013 will be an exciting time for the housing market and I’m looking forward to working with you to buy or sell your North Shore home!
Happy New Year!
Janie Bress
Your North Shore Real Estate Expert
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