The number of houses in the Chicago-area has picked up and in spite of that the sale prices continue to increase and market time decreases as the market tries to keep up with demand.
According to a new report, the number of homes for sale in the Chicago area grew 18 percent in the last 12 months, a sign of increasing health and the biggest increase in three years.
Market time is less than 17 days and the median price us up to $285,000.
For more, head over to Bizjournals here.
As rent costs increase, many are looking to buy as an option to control their monthly costs. But so far, the numbers show that renters aren't moving into home ownership at high rates.
According to a study from John Burns Real Estate Consulting, 14.6 percent of renters transitioned to home ownership in the fourth quarter of 2014, down from 25 percent ten years earlier, in 2004.
Tough underwriting standards may be to blame, but as Fannie Mae has begun to become more flexible on down payment requirements, that overall percentage may start to rise again.
For more, head over to Chicago Agent Magazine here.
It's a natural consequence of the home sales price increases that are evident in the local market, but homeowners across the city, state, and nation are finding themselves in better equity positions, according to the most recent data.
According to CoreLogic, 81 percent of mortgages in Chicago are now above water after the first quarter 2015 appreciation. That's up 78.1 percent in 2014. There was also a .2 percent drop in mortgages that were in near negative equity from 3.8 percent in 2014.
Nationwide, 90 percent of mortgages are now in positive territory.
For more, head over to Chicago Agent Magazine here.
When you're looking at upgrades to your home, they're not all created equally. In fact, if you're looking to recoup your investment when the time comes to sell, there are some upgrades you should avoid completely and some ideas from which you should steer clear.
First, avoid pools. Swimming pools in general are often viewed by prospective buyers often as more of a burden then a benefit.
And looking more broadly, any update that is intensely personalized (a dark room for example) probably won't be perceived as a positive selling point.
For more bad upgrades, head here.