Why Is Housing Inventory an Important Statistic?

As a statistic, housing inventory means the number of homes that are on the market at any given time, and it can determine whether we’re in a buyer’s or seller’s market. 

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When it comes to selling your home, there are some very important statistics that you should know about. One of  those statistics regards housing inventory. 

Housing inventory means the number of homes that are on the market at any given time. In our downtown Chicago market, we currently have 654 active listings. Over 30% of those listings have gone under contract in the last 30 days, which means we have a 3.7-month supply of inventory. 

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Our current housing inventory puts us in a seller’s market.

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What does a normal housing inventory look like? Typically, a six-month supply is considered normal, and that level is enough to supply homes for any buyer. That means our 3.7-month supply puts us in a seller’s market. Whenever inventory is up and demand is low, we’re in a buyer’s market. 

If you have any more questions about housing inventory or you’re thinking of taking advantage of our seller’s market by listing your own home, give me a call or shoot me an email anytime. I’d love to help you. 

Questions to Ask Your Lender Before Securing Your Mortgage

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Before you go ahead and sign on the dotted line for a mortgage, there are a few important questions that you should be asking your lender. 

These include questions like, “What is the interest rate on the loan?” and “Is it a fixed mortgage or an adjustable mortgage?” Everything should be spelled out clearly. Good-faith estimates and truth-in-lending forms are gone, and loan estimates and closing disclosure forms are here. They spell all of the information out about the loan. 

Prepayment penalties are not for all mortgages. It depends on the state that you’re in. According to David, he never sees prepayment penalties for the mortgages that he does. He only sees them with commercial lenders.

When you start with your mortgage application, you’ll lock your interest rate in for 30, 45, or 60 days. We can do long-term locks as well up to 180 days. In an environment like this with rapidly rising rates, it makes sense to lock it in now if you know that you’re going to be purchasing a home.

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  It makes sense to lock in a rate now before they go up again.

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If you have any questions about mortgage, interest rates, or buying or selling a home, don’t hesitate to reach out to us and give us a call or send us an email. We look forward to hearing from you soon.