HOW WAS THE 2014 REAL ESTATE MARKET in the NORTH SUBURBS OF CHICAGO?

Our local 2014 Real Estate market got off to a slow start due to the in climate weather (aka polar vortex), Spring Breaks, holidays and graduations. Realtors had a very short time frame, which to sell and buy homes for their clients. An “average” season typically runs January thru July, slowing down in August. Moving during the warm weather months and accommodating school enrollment dates are two factors which stimulate home sales. Our Market did not start until Memorial Day and quickly came to a slow down by early August.
Overall existing-home sales for 2014, fell slightly below 2013, 5.1 million compared to 4.9 million for 2014. There is pent up synergy with sellers and buyers and the National Association of Realtors (NAR) is forecasting 2015 home sales will increase to 5.3 million with a continual upswing in 2016 to 5.4 million. Prices will remain at a healthy level of growth, with an anticipated 4 percent rise in 2015 and 2016.
The improving job market has consumers feeling more confident, and the rebound in home prices continues to build household wealth for homeowners while giving them the ability to sell after waiting the last few years. Inventory shortages in parts of the country and tight lending standards are holding some buyers from purchasing. Overall interest rates for conforming loans ($417,000 or less) and non-conforming loans ($417,000 and above) have seen their lowest rates in years. Recent rates have been as low as 3.75%, with an APR of 3.728%.
New construction is slowly coming back. Housing starts for 2014 hit 1 million and should increase to 1.3 million in 2015. Lenders are slowly offering mortgage opportunities to buyers who are interested in new construction loans.
Illinois continues to offer several financing programs for first time home buyers with lucrative incentives to save them money with a home purchase.
If you are considering selling your home, please contact me to for a personal consultation which includes a Pricing Analysis of the home, staging suggestions and marketing advice. As a Buyer’s Realtor, I can help you find the right home for you in a price range and location specific to your needs.
Wishing you a Healthy, Happy & Prosperous 2015!
~PAM