Lesley's Blog

Below is a note regarding IL housing. You can listen to a podcast on the latest forecast for the Illinois housing market delivered by Dr. Geoffrey J.D. Hewings, director of the University of Illinois Regional Economics Applications Laboratory (REAL) and professor of Geography, Economics and Urban and Regional Planning. The forecast is based on MLS sales reported by 35 participating Illinois REALTOR local boards and associations. The research links economic indicators with real estate trends and indicators for the state of Illinois as a whole.

Key Messages in a Changing Market:

• Local market conditions are oftentimes different from what’s happening nationally, so it’s best to work with a real estate professional to determine timing, pricing and the best value.
• Don’t be scared off by stories about a “credit crunch.” Conventional loans are available at good rates for credit-worthy buyers.
• Despite increases in mortgage rates over the past couple of years, rates still remain at historically low levels.
• Those looking to buy now have an advantage with a large inventory to choose from and room to negotiate.
• A typical homeowner had $184,400 in net worth versus versus only $4,000 for a typical renter, according to data from the Federal Reserve.
• Real estate remains the single best investment over the long term providing wealth accumulation, especially for those who keep the home for a typical holding period of 6 to 10 years.
• Now more than ever you need a REALTOR if you are buying or selling a home. A REALTOR’s understanding of the local market and guidance on all aspects of buying or selling a home can help navigate a challenging market.

IAR Market Stats Links

• IAR Market Stats Home Page
• Release Schedule
• Interest Rates Chart
• NAR Real Estate Insights

If you have questions about IAR Market Stats or media relations, contact Mary Schaefer, IAR Director of Communications, mschaefer@iar.org or 217-529-2600.