Did you know that 24% of recent buyers were this...

Some Highlights: 

• 24% of all recent home buyers were single at the time of purchase
• 47% of single men cite the desire to own a home of their own as the primary reason to buy
• 18% of first-time buyers were single women

This doesn't apply in all areas, however it is still positive news!

The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.

Inventory Levels & Demand

Sales of existing homes rose 3.2% from May, outpacing year-over-year figures for the ninth consecutive month. Total unsold housing inventory is at a 5.0-month supply.
This is down from May’s 5.1-month supply and remains below the 6 months that is needed for a historically normal market.
Consumer confidence is at the highest level in over a decade. Pair that with interest rates still around 4%, new programs available for down payments as low as 3%, and you have an attractive market for buyers.
Buyer demand for housing surged to it’s highest level since June 2013.

Prices Rising

June marked the 40th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $236,400 (up 6.5% from 2014).

So What Does This Mean?

The chart below shows the impact that inventory levels have on home prices.

NAR’s Chief Economist, Lawrence Yun gave some insight into the correlation:

"Limited inventory amidst strong demand continues to push home prices higher, leading to declining affordability for prospective buyers."

NAR’s President, Chris Polychron added:

"The demand for buying has really heated up this summer, leading to multiple bidders and homes selling at or above asking price."

Bottom Line

If you are debating putting your home on the market in 2015, now may be the time. The number of buyers ready and willing to make a purchase is at the highest level in years. Contact a local professional in your area to get the process started.

What do rising house prices mean to a buyer?

Housing inventory remains low, and buyer demand is beginning to rise.  A diminished supply will lead to increasing home prices.  Thinking of buying?  You may want to purchase sooner than later!

Top 13 tips for homebuyers to follow...

Is buying a home on your list of 2015 resolutions?  Zillow has compiled a true, and amusing, list of 13 hints to follow.  Spoiler - sex, drugs and rock n' roll aren't in the top 13...

Click here to see the list

Home Values Compared to the Peak of 2006-2007

There is no doubt that the housing market has recovered from the meltdown that occurred just a few short years ago. However, in some states home values still have not returned to the prices we saw in 2006 and 2007. Here is a breakdown showing where current prices are in each state as compared to peak prices.

 

Rent Increases Expected to Continue through 2015

1120 Sandstone Drive, Libertyville IL

Fabulous walkout ranch located on the highly coveted Lake Minear.  Rare opportunity to purchase your own private beach, as well as a portion of the private island tucked behind the home.  Personal pier & motorboat rights come with the property as well.  $1,500,000  View photos here

Have you ever noticed, when you are in the market to buy a car, boat or home, or change jobs, or travel - that everyone is an expert?  Sometimes, we need to smile, and say thank you for the advice, and walk away.  Heed our own head and heart.  And if you are thinking of buying, it wouldn't hurt to ask yourself these 3 questions...

Buying a home is a big deal…

…so why would you do it alone?

Typically, real estate is the largest personal investment an individual will make.  It is also a very complicated process, having become more and more complex over the past several years.  A mistake can be very costly.  Don’t start the process by yourself.  Rely on the professionals who are there to assist buyers from start to finish.

Feeling overwhelmed?  You aren’t alone.  Click here to see what research shows…

Need a few more reasons why you should upgrade now?

Home prices are still down.  Interest rates are hovering under 5%.  You want a larger home, but have been waiting for the market to stabilize.  There are signs that the market is starting to hold it’s own.  Every now and then, a drop in inventory and a spike in buying activity brings a glimmer of hope to us all – hope that the market is rebounding.  And, the market appears to be making baby steps to leveling out.  If you have been contemplating selling your home in order to buy a larger one, now may be the time to finally take action.  While you may be able to sell your home at a higher price in the future, the delay will cost you money.  The selling price on the home you buy, as well as the interest rate on your new mortgage, will be higher as well.  Still not convinced?  Take a look at the graph here

The top 10 perks of a 55 and older gated community are…

Often times, downsizing sellers who are entering their golden years are a bit at a loss as to which direction to head, when it comes to housing.  Most are accustomed to a large home, and today’s older generation tends to have lived in the same home for a number of decades.  Most have only owned that one home, the place where they first moved when they got married, raised their children, and often times became their retirement nest egg.

Over the past 10-15 years, 55 and older communities have increased in not only number, but in popularity.  While met with resistance when they initially hit the real estate world, now, these communities offer exactly what most of the senior homeowners are looking for…a place to call home.  Curious as to the top 10 benefits these communities offer?  Click here Top 10 perks

Buying a home? Why you shouldn't let fear get in the way...

Fear.  The afraid of the unknown.  The perfect topic for the spooky month of October, with it’s month-long celebration of Halloween.  However, fear is also a dreadful emotion to feel, and face, when pursuing the goal of buying a home.  It’s okay to be afraid.  Buying a home is a big step, both financially and emotionally.  It is also one of the most rewarding steps you can take in life.  So don’t give up!

Buying a home? Don't let fear get in your way.

Want a higher net worth? Start by...

buying a home!

Most housing markets saw a crash in home values around 2008.  That has left some people questioning whether they should buy a home, or rent instead.  Here is a pretty good reason to buy - the average homeowners' net worth is over 30 times greater than that of the average renter.   Who doesn't want to be on the winning side of that statistic?

Homeownership's Impact on Net Worth

Looking for a change at home? Try this...

The best part about paint?  It's easy to change if you don't like the end product!


http://www.houzz.com/ideabooks/29576535/list/11-Reasons-to-Paint-Your-Interior-Doors-Black

1751 White Fence Lane, Green Oaks IL

Fabulously updated Saddle Hill colonial only blocks from Oak Grove K-8 school.  Spacious lot is just over an acre!

To see photos click here

41% of Americans would prefer to build...

According to KCM's findings, 41% of Americans would prefer to build their home, as opposed to buy an existing property.  Those are terrific numbers, if you are selling a plot of land, or are a homebuilder looking for business.

However, if you are trying to sell an existing home, how can you use this information to help sell your home? Take a look at the graph.  Give your attention to the reasons that home buyers prefer to build, and make some changes to increase your home's appeal.  Pay heed - cost savings is the number one driving force for purchasing a resale over a new build.  If you are going to update your current home, to enhance its' desirability - make sure your costs are reasonable. 

41% of Americans would prefer to build.

  This was my view last night.  As I sat at Starbucks waiting for my son's soccer practice to end.  The spring season started a week ago.  It was 70 degrees on Saturday, in the 30's last night.  Fortunately, his soccer club has indoor training facilities, so he was not out in this mess.

I have always loved snow.  Especially fresh snowfalls that are so pretty.  The latest snow fall was light, which gave it some sparkle in the glow of the lights.  Pretty as it is today, I have had enough. and from the posts I am reading all over social media, we have all had enough.

So I have decide to look forward, to the warmer weather that really can't be that far off in the future. Planning for the brilliant colors of blooming flowers.  And, since it is hard to visualize that by looking out the window,  I found this great article on planning gardens.  I think looking ahead to gardening season gives us hope.

http://www.bhg.com/gardening/plans/seasonal/long-blooming-garden-plans/?socsrc=bhgfb0409147

ARM - let's hope they get it right this time...

The mortgage industry is constantly changing, evolving, adapting and adjusting.  Not only the interest rates, but the programs and opportunities as well.  One of the more difficult decisions some buyers face, is whether to take the traditional financing route of a lower risk fixed loan - or to head down the path of a less conservative adjustable rate mortgage (ARM).  How do you determine which program is the best option for you?  The best first step to take is to educate yourself - research the various loan programs that are available to you.  Find out what your credit score is, and how that can impact your financing options.  Ask yourself what your future plan is, with regards to housing - how long do you plan to live in the residence that you are financing?  And speak with a loan officer.  Someone who can interpret the programs, and explain them so that you have no doubt, misunderstanding, or confusion about which is the best loan for you to secure.

ARM - let's hope they get it right this time... http://ow.ly/uIY6t

2013-14 Cost vs. Value: Remodeling Pays Off Big Time

Considering some home improvements projects this year?  Do you know which ones may yield a better return?  And which may be more of a financial lemon?  Check out this NAR article from REALTOR Mag.  It's pretty sound advice.

I hope that there are some good ideas for mudrooms.  My newly remodeled one needs some help after my lab chewed the built-in bench cabinet beyond repair...

2013-14 Cost vs. Value: Remodeling Pays Off Big Time

Is buying cheaper than renting where you are? Check this list to find out...

In many parts of the country, the rental market has steadily picked up over the past few years.  There are a number of reasons people are renting instead of purchasing.  The burst of the housing bubble caused a significant loss of equity in a home - which translates to a lack of downpayment for many potential buyers.  Other sellers were underwater on their mortgages when they sold, and in addition to losing equity, also had to dig into savings to pay the difference in order to close the sale of the home.  Distress sales have left potential buyers with marred credit, in addition to the lack of funds to use to purchase.  That marred credit has caused mortgage investors and lenders to tighten their strings and be a bit more cautious with loaning money out to prospective homeowners.  And then there are those potential buyers who are "waiting in the wings" for the housing market to stabilize.  Renting, until they feel that the time is right to reinvest in the real estate market.

All of these factors have helped create a rental market with high demand in many areas.  As the law of economics has it - the higher the demand, the higher the price.  Most markets have experienced increased in monthly rents.  Without a checks and balance system, like appraisals in the buying segment, tenants are more apt to pay more for, if a property is in an area that they want to live in, or if the landlord is willing to accept the risks of a tenant's damaged credit.  With that being said - is it time for you to now consider buying a home?  Instead of signing another lease?

Is buying cheaper than renting where you are? Check this list to find out out...


http://ow.ly/uvQ5G