Found 3 blog entries tagged as home prices.

Cost of Home Ownership Based on Both Price and Mortgage Rates

The total cost of home ownership is a point that buyers do not always consider when purchasing a home. Buyers will often get hung up on the purchase price of a house, with negotiations going back and forth over just a few thousand dollars and neither side willing to give in.

Purchase price is short-term while cost is long-term. While it is important for a buyer to understand price trends and the direction home values are headed, a factor of equal importance is the long-term cost of home ownership. Both the price and the interest rates must be calculated into the long-term cost.

Rising Interest Rates Increase the Cost of Home Ownership  

Cost of Home Ownership on 30 yr.Fixed Mortgage

 CNN Money stated in a recent article that…

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Are we in a Chicago market recovery?

In my last blog I discussed the national real estate market. The more relevant question is what is the trend in the local Chicago market? The real estate market trends in one neighborhood and or at various price points can vary dramatically. Basic economics are about supply and demand. How much inventory is available and how many people want to buy determines the direction of prices.  

Months Supply Impact on PriceIs Chicago a buyers’ or a sellers’ market? The best way to address this is to look at  inventory by price point and neighborhood. Typically one to four months of inventory means it is a sellers’ market and you will begin to see appreciation in pricing. Five to six months of inventory is when prices stabilize and seven + months of…

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Are we in a real estate market recovery?

When asked this question as a REALTOR®, I first look at the overall national real estate market and then evaluate the specific local market conditions.

Pending Home Sales Chart

For several months now, all indications show that the national housing market is picking up and much of the media states we are now in a “housing recovery”. In most markets across the country, sales and prices are moving in a positive direction. The Pending Homes Sales chart demonstrates overall sales increasing from June 2010 levels to July 2012.

Nationally, home sales are up 8.6%, inventory is down 24.4%, distressed properties are down 33% and interest rates are down by almost one point. One caveat: although it shows that median home prices have gone up…

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