Chicagoland Homes Are Selling Faster Now
Market times dip to lowest number in 7 years!According to Laura Ortoleva, RE/MAX of Northern Illinois spokeswoman, the average market time for homes sold in July dipped to 97 days! It's the first time since since the height of the housing boom in September of 2006 that this number has dropped below 100.
Comparing sales from last July with July of 2012, Chicagoland also enjoyed robust sales numbers and higher home values.
“What seems to be driving the housing market right now is a combination of factors, starting with strong demand from buyers and an inventory that remains quite limited compared to that demand,” said Ortoleva. “Rising mortgage interest rates are another motivating factor for buyers. Rising rents are making the option of home ownership more attractive to renters.”
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While home prices are not back to the level they were in 2007, home prices are rising and encouraging more sellers to enter the market.
Sales of distressed homes (foreclosures and short sales) also dropped by 7% over last year.
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So if you've been on the fence about selling your Fox Valley home, now's the time to get in the game! Chicagoland homes are selling faster now!
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