Five Trends That Are Good for Real Estate

Real estate saw one of its best years since 2007 in 2015, and things may improve even more in 2016. Realtor.com® projects five trends in 2016 that could have a positive effect. These trends include normal growth in home sales and prices, manageable mortgage rates, rising rental costs, Millennial buyers, and more affordable new construction homes.

Faster Sales, Higher Prices for Illinois Homes

According to the Illinois Association of REALTORS®, market times are down in Illinois, inventory remains tight, and prices continue to moderately increase. The average time it took to sell a home in November was 64 days, compared to 74 days a year ago. Home prices in the state continued to increase for the 39^th consecutive month, posting a 6.5 percent increase from a year ago. With homes selling quickly and inventory tight, buyers are encouraged to act fast if they find a home that they like. 

What Consumers Think about Fed Rates

The Federal Reserve Recently announced that they will be raising interest rates. Berkshire Hathaway HomeServices offers interesting insight on this new development, noting that an increase of a quarter of a percentage point is typical. A similar rise in mortgage rates would add about $43 a month to a hypothetical $300,000, 30-year mortgage with a 3.75% rate, explained Gino Blefari, CEO of HSF Affiliates. “A bump in mortgage rates has more bark than bite,” he said. “The average American spends about twice as much every month on coffee¹.”To read the article, please click here. 

And the Pantone Color of the Year for 2016 is…. 

Rose Quartz and Serenity together have been chosen as Pantone’s 2016 color of the year. It is the first time that two colors blended have been named as the color of the year by Pantone. Both are soft colors, with Rose Quartz giving off a warm feel that balances out with the cooler blue tone of serenity. To see these colors and to read more about the appeal of both, please click here..

New Year’s Resolutions for Your Home

Many people make resolutions once the New Year arrives of things they change in their everyday life. HGTV.com offers a list of five resolutions for your home that include advice on how to streamline decluttering your home, making sure your home is safe, and ways to make sure your home is ready for entertaining. To read more about the list of suggestions, please click here. 

How's The Market?

Curious to see where the market landed in 2015?  We have the latest numbers on how Hinsdale and other western suburban communities closed out the year.

McClearyGroupRealEstate.com