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.

Thank You for All of Your 1st Quarter Referrals

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Today we want to thank you for your first quarter referrals and thinking of us for all of your mortgage and real estate needs so far in 2018. This was probably my best first quarter ever, and I couldn’t have done it without you.We have a feeling the rest of 2018 will be just as good as it was last year, so we’re ready to help you with all of your mortgage or real estate needs moving forward. To hear our full message of gratitude, watch our latest video.  

“Thank you so much for thinking of us for your mortgage and real estate needs. 

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The Benefits of Buying in the South Loop

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Buying in the South Loop carries many benefits.

For one, not only is it in close proximity to the hustle and bustle of the city, there are also a lot of new construction properties being built. 

This area has really been built up as of late, becoming a very vibrant community. There’s a ton of growth going on in this area, meaning there are plenty of places to live and things to do. 

Also, the location makes for convenient commutes. Even though you are still technically in the downtown area, it’s a great place to raise a family compared to other areas. The South Loop is close to a number of parks, museums, and other great family locations. 

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 One of the most significant benefits is the probability of appreciation.

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Of course, one of the most significant benefits is the probability of appreciation. Experts are estimating 2% to 3% moderate appreciation, with new areas likely seeing even more appreciation than that. 

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

What Buyers and Sellers Should Know About Our 2018 Market

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Welcome to our first market update of 2018.

Back in 2017, we saw over $5.3 million in sales. As for 2018, current projections predict we will see $5.6 million. Additionally, we’re expecting to see an appreciation rate between 2% and 3%.

According to David, last year was very busy. Supply was low and buyers had a tough time finding homes. Now, the economy has gone up tremendously, and the Fed already raised rates a couple of times last year.

This year, we can expect rates to rise again. Rates are expected to rise around March and then probably again in June or July.

Still, rates aren’t bad at all right now. They are currently hovering in the 4% range. 

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Whether you’re looking to buy or sell, right now is a great time to do so.

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Keeping these factors in mind, it is a great time to buy or sell right now. Rates will always fall and rise, so it’s a great time to start looking for a home. Also, sellers currently have the opportunity to take advantage of our low inventory market.

If a home purchase is in your future and you are looking to get pre-approved, call David at (708) 705-7911 or email him at dbowen@loandepot.com.

As always, if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.