Phillip Buoscio, A Better Living Realty Broker published an article titled "August Market Update." Phil found that one of the biggest shifts that he has observed this year in the market is that traditional sales are finally starting to make a comeback. Phil provided the following the graph below, showing that traditional sales have jumped from their 3 year low in the spring of 2013 by almost 40,000.
Phil also found that on the other hand the inventory of distressed sales has continually declined over a similar time frame traditional listings have increased. Short sale listings have dropped 43% from its peak. And REO (bank owned listings) have dropped 14%. Check out the graphs below.
Phil states that while the level of traditional sales vs distressed sales is still not typical of a "normal" market, things are improving. The overall inventory in this region is still staying relatively low as well. The result of this has been appreciation for most of the Chicagoland real estate market. While not all specific areas have seen appreciation necessarily, it's definitely a good sign for the overall health of the Chicago real estate market.
Phil advises that if you have been waiting to sell because you're not sure if you have any equity if your home, now is the time to check in on your value. Just like completing an annual physical for your health or annual review of your retirement accounts, it's always a good idea to track your home value. For certain areas this fall may be the perfect time to sell. For other areas it might be best to wait for the spring and start to prepare your house for the spring market now. The best way to find out though is to have a complete market analysis on your property.
Phil Buoscio is an experienced Managing Broker & Owner of Better Living Realty. He can prepare a complete market analysis of your property at no cost to you. If interested, you can call him at 312-953-6725. His website is www.MyRealtorPhil.com
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
Offering free legal representation to homeowners seeking a short sale
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