Recovery in Housing Market Brings Gratitude and Optimism

Season of Thanks
	Recovery in Housing Market Brings Gratitude and Optimism
	November brings warm thoughts and gratitude to the forefront, and thanks certainly appear to be in order when it comes to the positive developments in housing this year. While some market stabilization was anticipated for 2012, we've seen a healthy recovery in many areas of Chicago and the North Shore. Although we're far from the peak of 2006, the median average home price in Illinois is up 2.2% over last year, and is predicted to reach or exceed a 3% growth rate nationally in 2013. @properties Market Minute: The top 5 real estate stories of 2012. Watch video. One factor contributing to price stabilization - and even appreciation - is the fact that housing inventory remains tight. According to BrokerMetrics, as of the end of October, there was a slim 3.9-month supply of inventory (MSI) in the city of Chicago, and around a 5-month supply on the North Shore. Last year at this time, MSI was well into the double digits. With prices seeing positive movement and fewer homes for sale, the timing is right to sell. So, in addition to preparing your home for the holidays, November may also be time to get your home ready to list in the New Year. Also, mortgage rates are as low as we may ever see them, still hovering around 3.5% on a 30-year fixed, giving buyers exponentially more purchasing power. Lower payments will result in many first-time buyers finding homeownership more affordable than renting, while move-up buyers have a great opportunity to 'make money on the buy.' While a healthy dose of optimism is in order for 2013, so is being realistic and informed. So it's more important than ever to choose a knowledgeable agent. At this season of thanks, I send my utmost appreciation for the trust of your business and referrals, and wish you and yours a wonderful Thanksgiving and start to the holidays. In the news: Dimon: 'Every Single Thing About Housing Is Flashing Green' November 12 | Nick Timiraos J.P. Morgan Chief Executive James Dimon likes what he sees right now in the U.S. housing market. Mr. Dimon has a pretty good forecasting track record this year, at least as far as housing goes. More U.S. home prices rise most in 6 years November 6 | Reuters U.S. home prices slipped 0.3 percent in September after gaining for six months in a row as values were weighed down by cheaper distressed sales, data from CoreLogic showed on Tuesday. Though prices were up strongly compared with a year ago, rising 5 percent for the biggest increase since 2006. More Record Downtown Apartment Rents Reflect Shortage November 12 | Alby Gallun Rents at top-tier downtown apartment buildings inched up to a new high in the third quarter, but the increases are likely to moderate next year, when a development boom eases a shortage that has given landlords the upper hand. More