Big spring in Chicago real estate market

By
Real Estate Agent with Rubloff Residential Properties

Sellers take note. Home buyers in Chicago are out now. My brokerage has seen an up-tick. Me personally? Clients are coming from everywhere and want to be in a place by early spring... which means they'll be writing offers in January and February. Will your home be ready? The Chicagoist (read my comments at the story) weighs in on the NAR predictions for a big 2007.

Two months ago it was crickets out there... nothin'. But I kept plugging and now it's like a switch was flicked and everyone is banging my door down for showings and consultation. It is absolutely more active than this time last season.

From the Tribune story:

Fixed mortgage rates have been falling for most of the last four months. The average U.S. rate for a 30-year fixed loan was 6.11 percent last week, the lowest since January, according to Freddie Mac.

"Buyers, especially first-time buyers, with the combined benefits of seller flexibility and an unexpected drop in mortgage interest rates, have a window of opportunity," said David Lereah, chief economist for the Realtors group. "These conditions will persist in many areas until early spring, when inventory supplies are likely to become more balanced."

The one-to-two year fence sitters are back in. Leases are up in March, April, May. Asking prices for re-sales are becoming reasonable once again right out of the gate... meaning you gotta move on it.  Interest rates are low and stable. And as far as Chicago is concerned, the demographic for young, educated professionals keeps growing and will continue to do so for years to come. This demographic, combined with our immigrant population, will continue to drive ownership.

Big spring in Chicago indeed.

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Rainmaker
451,192
Allison Stewart
St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904
St.Cloud Homes
One more demographic to watch...Professional single women are edging up in numbers.
December 13, 2006 06:06 AM
Rainmaker
250,751
Jay Thompson
Zillow
I would say a switch has been flipped in Phoenix, but the lights are clearly coming back on...
December 14, 2006 07:19 PM
Rainmaker
250,751
Jay Thompson
Zillow
Duh, I would NOT say a switch has been flipped...
December 14, 2006 07:24 PM
Rainer
14,182
Eric Rojas
Rubloff Residential Properties

Alison,  30% of my business is with single, professional females.  My wife loves it :-)

In fact, if we were not married, she would have been one of those single woman buyers when you think about it!

 

Jay and Francy... switch is up in the on position and all systems go.  At least for me, but I think you'll see flat out good numbers here in the first half 2007.  Chicago is very, very local... to the city block.  I have absolutely no knowledge of what gets you what in Arizona!

December 15, 2006 12:48 AM
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Rainer
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Eric Rojas

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The Pride of the North side, pound for pound the hardest workin' man in real estate... he is the Chicago Real Estate Local