As a North Shore Real Estate agent, I’ve been encouraged by the North Shore Real Estate market this year. As a whole, the nation is experiencing a resurgence of activity on the market and an uptick in sales, and the same goes for Winnetka, Deerfield, Northbrook, Glencoe and Highland Park!
As mortgage rates continue to increase, buyers are seeing this as an opportune time to buy and are on the hunt for their dream home on the North Shore this fall. In fact, now is a great time for move-up buyers! Those that felt stuck during the economic downturn are finding that, because of the increase in home prices, now is a great time to sell and finally move into their ideal home or location.
According to recent data from real estate website, RealtyTrac, 40% of all homeowners now have at least 20% equity. This is due to the significant increase in home prices during the first seven months of 2013, which has been the fastest increase since 2004. That means those who once felt they had no where to go with their current home can now easily jump back into the real estate market!
Market statistics from the National Association of Realtors are showing that, although first time home buyers percentages have dropped; sales have surged proving that second and multiple time home buyers are finding the market is prime for moving up! Nationally, sellers are finding it easier to sell due to a more limited inventory, which means move-up buyers will need to act quickly if they find a home they love.
Fortunately for us along the North Shore, there are a number of beautiful homes on the North Shore Real Estate market that are ideal for the move-up buyer!
This trend is also creating a broader inventory for first time home buyers who are looking for a great starter home. All in all, these are continued signs of how the national housing market is improving and why now can be an excellent time to jump into the real estate market on the North Shore!
If you’d like to learn more about North Shore homes currently on the market, or have questions about buying or selling your home; please don’t hesitate to contact me today!
I look forward to hearing from you!
Janie Bress
Your North Shore Real Estate Expert
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