May 15, 2012/by Scott Newman/Post a comment
Chicago Real Estate Market Outlook: May 2012
May 2012 continues the pattern I’ve been discussing of continued market improvement. Buyers are buying and sellers are selling and we continue to see signs of a slow but persistent return to normalcy.
We have also seen a major improvement in the luxury markets. Those buyers wishing to trade-up or trade-down are finally making the move and we’ve seen major activity increases in the $700,000+ sector of the market.
Interest rates remain low and with the Fed’s continued commitment to keep them there through the end of 2014 it is unlikely that we will see any major appreciation in the overall Chicago market until those rates up-tic.
For homeowners, this simply means that the reality is you will likely get as much for your home this summer- if you decide to sell- as you will get through the end of 2014.
If you want to know more about how the market effects your particular situation call me and we’ll talk about it. (773) 313-3781. Or email your questions to blog@newmanrealtyillinois.com.