Spring, economic factors leading to better market
By Meghan Streit
THE ERICKSON TRIBUNE
Spring is here, and temperatures aren’t the only thing rising in Chicagoland. The average selling price for houses in the area is also inching upward.
True, the real estate market isn’t inflated like it was a few years ago, but the outlook is not as gloomy as some paint it to be. In fact, in the last quarter of 2007, the average selling price for a house in Chicagoland grew 6.5% to $328,971, compared to the same period in 2006, according to the Multiple Listing Service.
What’s more, Illinois Association of Realtors President Kay Wirth says increased loan limits passed as part of Congress’ economic stimulus package will infuse the market with an increased number of qualified buyers.
“Home buyers sitting on the fence now should be looking at the large inventory of homes available and getting their finances in order to make a move while interest rates remain at record lows,” Wirth says.
Older homeownershave natural advantage
This season could be a promising time to sell your house, but Baird & Warner Realtor Tom Passaro says the houses that sell more quickly have to stand out above the rest.
“We’re finding that the homes have to be not only competitively priced, but also in very good condition to be able to compete in the marketplace,” says Passaro, who helped several people who now live at Monarch Landing sell their houses.
Since competitive pricing is key to a successful sale in today’s market, some younger home sellers with little equity may find themselves in a difficult position. But older adults who have owned their houses for several decades and have already accumulated a substantial amount of equity are in a more flexible position to sell at a competitive price.
More free time for things they enjoy
John Foulkes and his wife Joyce moved to Monarch Landing in September. The couple was able to sell their Elmhurst house by pricing it right for today’s market.