According to ' Crain's-Chicago Business', March 2009, home sales in Chicago, are up. 1,438 homes were sold (up 26%) from February 2009. Nearly half of the sales were foreclosed/short sales, condo/townhomes and purchased by first-time home buyer's. Surprisingly, home sales since January 2009, have gone up each month: 29%-Jan, 37%-Feb, and 46%-Mar.
More signs of a recovering economy: lenders are pre qualifying more buyers and mortgage applications are up. Buyer's have been on the fence for over 2years, but with the drop of the median price from $308,625 to $289,500; confidence is high and there are deals to be made.
Investor's and buyer's, now is the time to get off the fence and contribute to jump-starting the economy; and get in on the rock bottom deals. Economists are forecasting that housing prices nationally will fall another 10% to 15% this year after dropping 18% in 2008. The Midwest, with its exposure to the ailing auto sector, is likely to benefit able and ready buyer's!
Contact Eunece Franklin of Conlon Real Estate for additional real estate resources: efranklin@conlonrealestate.com
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