Showing posts with label home sales. Show all posts
Showing posts with label home sales. Show all posts
Monday, November 07, 2011
Wednesday, April 15, 2009
Educated First Time Buyers Entering the Market
First time buyers are the primary road to recovery in this residential real estate market. 40% of market activity comes from first-time buyers and then the trickle occurs. They traditionally purchase starter homes or lower priced homes allowing those sellers to move on to buy the other home on the market freeing them up to buy another home etc etc.
The trickle effect is incredible.
And now the effect the stimulus grant of $8000 is being seen in my local real estate circle.
Buyers are seasonally of course coming out but I am seeing many new first time buyers coming into the game and loaded with knowledge and wisdom more than I've ever seen.
I am so glad this is happening in our local markets and I look forward to reaching the point in this correction where more than just first time buyers become more educated about their options and enter in the best investment one can make...real estate.
My 401K is down over 50% and my real estate investments (my primary investments) are slightly down, flat and up in this down market. I am confident in my original purchases (except one which I recently sold) and feel good about where we are heading.
The trickle effect is incredible.
And now the effect the stimulus grant of $8000 is being seen in my local real estate circle.
Buyers are seasonally of course coming out but I am seeing many new first time buyers coming into the game and loaded with knowledge and wisdom more than I've ever seen.
I am so glad this is happening in our local markets and I look forward to reaching the point in this correction where more than just first time buyers become more educated about their options and enter in the best investment one can make...real estate.
My 401K is down over 50% and my real estate investments (my primary investments) are slightly down, flat and up in this down market. I am confident in my original purchases (except one which I recently sold) and feel good about where we are heading.
Monday, December 10, 2007
Chicago's Quarterly Housing Market Report
The latest Chicago Home BUZZ report has almost been completed (just awaiting final few weeks of the year) but the results are staggering. The overall decrease from 2006 to 2007 in the fourth quarter was over 130% decrease in total sales volume from just one year ago.
Some of the leading declines in the City of Chicago included the Bucktown/Logan Square (60647) neighborhoods where there was an almost 300% decrease in single-family (detached) home sales from $32,898,835 in total sales in 2006 down to only $8,214,800 for the fourth quarter (2007). The Hyde Park neighborhood (60619) saw single-family homes drop from $3.6M down to under $1M in sales, down 287%.
Rogers Park condominiums saw only 45 sales last quarter, an over 230% decrease from the prior years 149 units.
The suburbs saw some areas with even worse showings including single-family sales in Highland Park where only four homes sold last quarter totaling $1,753,600 in sales down over a whopping 400% from the $8,888,000 last year.
Over all total sales volume for the quarter was $1.5 billion down over 130% from the $3.5 billions last year.
For more information and a free quarterly update of your neighborhood visit our Chicago HOME BUZZ page at http://www.chicagohomebuzz.com and see all the data and statistics.
If you'd like an Interactive Market Update of your neighborhood request a Market Snapshot
Finally, if you'd like us to mail you a copy of the Chicago Home Buzz report quarterly just drop us a line
Stay tuned for more....
Some of the leading declines in the City of Chicago included the Bucktown/Logan Square (60647) neighborhoods where there was an almost 300% decrease in single-family (detached) home sales from $32,898,835 in total sales in 2006 down to only $8,214,800 for the fourth quarter (2007). The Hyde Park neighborhood (60619) saw single-family homes drop from $3.6M down to under $1M in sales, down 287%.
Rogers Park condominiums saw only 45 sales last quarter, an over 230% decrease from the prior years 149 units.
The suburbs saw some areas with even worse showings including single-family sales in Highland Park where only four homes sold last quarter totaling $1,753,600 in sales down over a whopping 400% from the $8,888,000 last year.
Over all total sales volume for the quarter was $1.5 billion down over 130% from the $3.5 billions last year.
For more information and a free quarterly update of your neighborhood visit our Chicago HOME BUZZ page at http://www.chicagohomebuzz.com and see all the data and statistics.
If you'd like an Interactive Market Update of your neighborhood request a Market Snapshot
Finally, if you'd like us to mail you a copy of the Chicago Home Buzz report quarterly just drop us a line
Stay tuned for more....
Monday, June 25, 2007
May home sales in Chicago down almost 21%
Home sales in the Chicago area plummeted 20.7% last month compared with May 2006, according to the Illinois Assn. of Realtors.
A total of 9,750 single-family homes and condominiums were sold in the nine-county Chicago area last month, with the median home price rising 1.2% from the year-earlier period to $252,388. The biggest drop in sales last month occurred in outlying DeKalb, Grundy and McHenry counties. Sales in Cook County fell 20.1%.
Through May, sales in the nine-county area were down 17.4% from last year to 38,423, according to the association.
The home-sales figures were more grim nationwide.
Sales of existing homes fell in May to the lowest level in four years while the median home price dropped for a record 10th consecutive month.
The National Assn. of Realtors reported that sales of existing single-family homes and condominiums dropped by 0.3% to 5.99 million in May, the slowest sales pace since June of 2003.
The median price of a home sold last month dropped to $223,700, down 2.1% from a year ago. It marked the 10th straight price decline compared with a year ago, the longest stretch of weakness on record.
The sales decline reflected weakness in the South, where sales dropped by 3.4%, and the West, where sales were down by 0.8%. Sales actually showed strength in the Northeast, rising by 5.8%, and the Midwest, where they were up 0.7%. In a troubling sign for the future, the inventory of unsold homes rose by 5% to 4.43 million units in May, a level that would take 8.9 months to clear out at the May sales pace. That is the highest inventory level since the last deep slump in housing in 1992.
Analysts said housing is being hurt by high inventories and the recent crisis in subprime mortgages, which has caused lenders to tighten their standards, making it harder for potential buyers to qualify for loans.
They said all of the housing troubles seem to be causing a crisis in confidence, making people delay decisions to buy homes.
"I think psychological factors are currently the biggest drag on the housing market, in addition to a disruption from tighter credit for subprime borrowers," said Lawrence Yun, senior economist with the Realtors.
The current slump in housing is the worst since the 1989-92 downturn. It is occurring after a prolonged boom that saw sales of new and existing homes set new records for five consecutive years.
Analysts believe that the median home price, the midpoint where half the homes sold for more and half for less, will continue falling until builders move further to cut back on production of new homes coming on the market.
The Realtors are predicting that the median home price will decline by 1.3% this year while sales are forecast to drop by 4.6%. It would be the first annual price decline in four decades of record-keeping.
Another potential problem is mortgage rates, which have been trending higher in recent weeks although they still remain below their historical averages.
According to Freddie Mac, the average commitment rate for 30-year mortgages was 6.26% in May, up from 6.18% in April.
(From AP, staff)
A total of 9,750 single-family homes and condominiums were sold in the nine-county Chicago area last month, with the median home price rising 1.2% from the year-earlier period to $252,388. The biggest drop in sales last month occurred in outlying DeKalb, Grundy and McHenry counties. Sales in Cook County fell 20.1%.
Through May, sales in the nine-county area were down 17.4% from last year to 38,423, according to the association.
The home-sales figures were more grim nationwide.
Sales of existing homes fell in May to the lowest level in four years while the median home price dropped for a record 10th consecutive month.
The National Assn. of Realtors reported that sales of existing single-family homes and condominiums dropped by 0.3% to 5.99 million in May, the slowest sales pace since June of 2003.
The median price of a home sold last month dropped to $223,700, down 2.1% from a year ago. It marked the 10th straight price decline compared with a year ago, the longest stretch of weakness on record.
The sales decline reflected weakness in the South, where sales dropped by 3.4%, and the West, where sales were down by 0.8%. Sales actually showed strength in the Northeast, rising by 5.8%, and the Midwest, where they were up 0.7%. In a troubling sign for the future, the inventory of unsold homes rose by 5% to 4.43 million units in May, a level that would take 8.9 months to clear out at the May sales pace. That is the highest inventory level since the last deep slump in housing in 1992.
Analysts said housing is being hurt by high inventories and the recent crisis in subprime mortgages, which has caused lenders to tighten their standards, making it harder for potential buyers to qualify for loans.
They said all of the housing troubles seem to be causing a crisis in confidence, making people delay decisions to buy homes.
"I think psychological factors are currently the biggest drag on the housing market, in addition to a disruption from tighter credit for subprime borrowers," said Lawrence Yun, senior economist with the Realtors.
The current slump in housing is the worst since the 1989-92 downturn. It is occurring after a prolonged boom that saw sales of new and existing homes set new records for five consecutive years.
Analysts believe that the median home price, the midpoint where half the homes sold for more and half for less, will continue falling until builders move further to cut back on production of new homes coming on the market.
The Realtors are predicting that the median home price will decline by 1.3% this year while sales are forecast to drop by 4.6%. It would be the first annual price decline in four decades of record-keeping.
Another potential problem is mortgage rates, which have been trending higher in recent weeks although they still remain below their historical averages.
According to Freddie Mac, the average commitment rate for 30-year mortgages was 6.26% in May, up from 6.18% in April.
(From AP, staff)
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