A healthier housing market, by the numbers

A healthier housing market, by the numbers

If you’re in the market to sell a house, the numbers finally favor most homeowners with equity, says Walter Molony, a spokesman for the National Association of Realtors.

Molony says purchase demand is rising, despite low housing inventory and tight credit. “Those are the only headwinds we’ve got in the market right now,” he says. But, he adds, buyers should also take note that the median income, median home price and average mortgage rates are the third best on record. “In most areas, families are earning more than they need to buy the median priced home,” Molony says. Will these numbers inspire you to buy or sell?

4% – The median down payment applied by first-time buyers in 2012.

$310 billion – Value of real estate transactions expected in 2013, up from $290 billion last year.

93 – The percentage of home purchases in 2013 forecast to be existing home sales, which is up from 2007 when existing home sales comprised 85 percent of 
all home purchases.

3 – Things to do before buying:

• quiz the seller about the home’s past problems

get a home inspection

• check the tax bill history

45% – The expected year over year amount increase of new homes built in 2013.

7% – The average price increase expected for existing homes sold in 2013.

10 to 15 – The percentage of total home sales that are expected to be comprised of foreclosures and short sales in 2013.

5 – Changes to sell home faster:

Add a built-in closet system

Add lighting to your rooms

Paint your walls

Update bathroom fixtures

Powerwash the home

1,900 – The average square footage of homes sold this year, compared to 2007 when the average square footage of homes sold was 1,810.

5 million – Existing homes forecasted to sell 
this year, down from 5.5 million in 2007.

Sources: National Association of Realtors; Showingsuite.com; Urban Land Institute


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Realtors: Chicago-Area Home Sales Decreased in August, Prices Up

chicagoaugusthomesales.JPG

Chicago home sales were off 15.3 percent in August compared to the same month in 2013.  (Photo by Steven Jack)
Chicago home sales were off 15.3 percent in August compared to the same month in 2013. (Photo by Steven Jack)

Illinois Association of Realtors report says tight home-buying credit market and lower housing inventory to blame for sluggish home sales in Chicago, suburbs.

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