Chicago's real estate market has provided homebuyers and sellers with a plethora of unique opportunities in recent months. Thanks to incentives like the first time home buyer tax credit, and record low mortgage rates, buyers and sellers alike have good reasons to celebrate. With motivations like these, it should come as no surprise that our own city's home sales have increased 1.1% over the last month, one of the best in the nation.
Utilizing Standard & Poor's Case-Shiller Index, a tool that is used to analyze sales activity, economists can report a .5% increase in home sales across the U.S. Experts alike agree that the change in momentum is rather significant, providing additional data which illustrates new home sales up an additional 11% in June. While distressed homes recently accounted for over 50% of the home sales, they have now decreased to a more satisfying 33%*. With improved builder sentiment, and an increase in investor energy, buyers and sellers alike are on the lookout for these incredible opportunities.
Thanks to these extraordinary incentives, homebuyers are materializing all over Chicago's marketplace. The first time homebuyer tax credit — which is available until November 30, 2009 — provides qualified first time buyers with an incredible $8000 tax refund. With record low mortgage rates from the Federal Housing Administration, homebuyers are provided better opportunities to qualify for home loans, and create personalized payment options. As homebuyers gain access to our diverse marketplace, sellers are better able to market and sell their home for a more attractive price.
As opportunities increase for homebuyers and sellers, it is imperative that you have a professional REALTOR® who can be an advocate on your behalf. Thanks to my knowledge, and expertise in the Chicago marketplace I am confident that we can reach your goals together. Please, don't hesitate to call me at any time for questions on market conditions, or to schedule a consultation.
*Source: Wall Street Journal, 7/29/2009
Dave Straub, @properties 773.255.3180
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