Are you a seller or a buyer who is looking to time the market?? Good luck with that.
Is now the best time for you to sell or to buy?? That totally depends on your specific goals and your particular situation.
While we can never know the “peak” of the market until it has passed, we keep looking for signs. Here are the most recent signs for Chicago’s market.
Chicago Association of Realtors – July 2018 numbers
- Chicago housing affordability is down 8.5% over last year
- 1 in 5 Chicago listings saw a price cut. Nationally that number was 1 in 7 listings.
- Chicago transactions are down 1.7%
- Chicago sales volume is up 3.5%
Additional numbers to know…
Buyers have lost 10% of their buying power since last summer simply because of the gradual upward movement of interest rates for a 30-year fixed mortgage to 4.75% from last year’s 3.75%.
$10,000 is the new limit on mortgage interest and property tax deductions per IRS tax law.
2 more Federal Reserve Board meetings are planned before the end of 2018 to discuss raising their interest rate.
So, is the bubble bursting or are buyers simply stalling as they re-evaluate? We don’t know yet.
Give me a call to discuss your specific real estate plans.
Meanwhile, back by popular demand, Minton-Regan Properties is hosting our Second Annual “Seniors in Transition” event. Join us and our many professional experts on Oct. 18 from 5-8pm for panel discussions exploring issues top of mind for seniors and their adult children. Admission is free, and registration is required. Go to: https://srsintransition.eventbrite.com