Four times a year, the National Association of Realtors® conducts their Home Opportunities & Market Experiences (HOME) Survey. With this study, the NAR seeks to gain insight on home buying and selling attitudes of both renters and home owners; to confirm the current pulse of the market, and any anticipated trends to watch for. The 2017 third quarter HOME Survey has been released, and while sales have been slow over the last few months, buyer and seller confidence is on the rise.
More renters are seeing now as a good time to buy a home. During the 2nd quarter of the year, 52% of renters surveyed thought it was the right time to buy; this has gone up to 62% in the third quarter survey, which is also above last year’s outlook of 60%. Much of the reasoning for renters to begin a home search is due to expectation of higher rents over the next year. While saving for a down payment can be challenging, the benefits of owning a home are becoming more appealing once again.
Here in Illinois, home prices are rising, as inventory is currently low and housing demands continue to grow. August 2017 saw a 5% increase in median prices, even with a 3.4% drop in the number of sales. The lower number sales according to Illinois Realtors® has been connected with the fluctuations in the State’s economy. However, this summer saw improvements in the economy, which is anticipated to be reflected in a strong fall season of residential sales.
As buyer confidence continues to rise, demand for homes will also go up. Demand for homes has already been on the rise, as witnessed by the drop in the average days on the market for the state, going from 55 days down to 48 days in August. What is missing for many areas is inventory choices; we are currently down 15.7% compared to last year.
In looking at the latest NAR research on buyer confidence, and the current residential market, now is a great time to sell your home. When you are ready to sell, or buy a home, working with a Realtor® who understands the market, gives you a local resource to rely on throughout the process. My team and I are ready to put our expertise to work for you. Learn more at our website, DriscollProperty.com, then contact the Driscoll Properties Team at 847-533-6786 to help you discover the home of your dreams