Halloween is right around the corner, but that is no reason to be spooked away from buying or selling this fall. The real estate market has reported strong numbers across the board so far in 2015, and many experts are projecting this trend to continue into the new year.
The most positive news to come out of the busy summer season was the report that the Illinois housing market saw sales in August increase by 13 percent from the same time last year. However, this double-digit gain was tempered by housing demand that exceeded supply, and inventory remains tight with 7.7 percent fewer homes for sale from July 2014.
Statewide home prices have also seen steady growth, up 6.1 percent from July 2014, an increase which Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois, sees as a return to more modest rates. As a matter of fact, median home prices in Illinois have recovered to 79 percent of their 2008 levels, after adjusting for inflation.
The mortgage industry has experienced a big change this month with the launch of “Know Before You Owe” — also known as TRID or TILA-RESPA Integration Disclosures. This new program is designed to simplify mortgage lending and improve consumer understanding through new forms and adjusted transaction timelines. While TRID gives borrowers more time to review and approve all aspects of a loan before signing on the dotted line, it also has the potential to push back closing dates.
As your real estate expert, I can provide you with information about your local housing market, and connect you with my full service team of attorneys and mortgage loan officers. Together, we can help make the right decision to achieve your housing goals.