CHICAGO REAL ESTATE CHECK-UP – FIRST HALF 2014
CHICAGO REAL ESTATE CHECK-UP – FIRST HALF 2014
YOUNGER BUYERS DELAYING PURCHASE HOME OWNERSHIP PERCENTAGE FALLING LOW INTEREST RATES CONTINUE MORE FOR-SALE INVENTORY AND FEWER OWNERS IN DISTRESS MARK 2014 IN CHICAGO THUS FAR!
Unfortunately still no "Full Recovery Mode" for the Housing Market in Chicago – not yet anyway!
But as Chicago Tribune Real Estate Writer Mary Ellen Podmolik highlights some positive signs –
– Of Young Adults aged 18-34 nearly one-third (31%) are living at home with their parents. If the trend continues this could impact the pool of potential first-time home buyers in the mid-term.
– The percentage of Americans who own their own homes has dropped to just under 65% of the population. That’s the lowest level for this important real estate metric since early 1995 nineteen years ago.
– The percentage of Underwater Sellers continues to decline. Foreclosure Activity in the Chicago Area is down nearly one-third over the level seen in the First Half 2013. However around Chicago just greater than one percent of homeowners were at some stage of the foreclosure process – or becoming severely delinquent in their Mortgage Payments from January through June 2014.
– Listing Inventory in the City and Suburbs of Chicago is Increasing after a Lackluster First Quarter 2014. Some attribute the early-year decline to our Brutal Chicago Winter Weather this year. Nonetheless nearly 19000 new listings hit the market here each month in April May and June this year.
– Interest Rates during the First Half 2014 are near their historic lows but rising home prices have made a home purchase less affordable for many prospective home buyers. Chicago Area Home Affordability according to Local MLS Service Midwest Real Estate Data has declined each month in 2014 from their 2013 levels.
– The Average Chicago Apartment Rent is nearly $1100 – up 3.7% from year-ago levels.
Our Team serving Sellers and Buyers on the North and Northwest Sides of Chicago and in Nearby Suburbs has experienced a similar level of variability in the Real Estate Market here. The first five months of the year were sometimes halting followed by an incredible listing and purchase surge right now.
How will the rest of 2014 play out in the Chicago Real Estate Market?
Stay Tuned!!!
DEAN MOSS & DEAN’S TEAM CHICAGO
