Realtor Says More Homes Selling Locally
With three reports Tuesday pointing toward a stabilization of home prices and real estate, a Morton Grove-Niles real estate broker/owner assesses the situation here.
Three reports which came out Tuesday brought good news for the real estate market for the first time in a long time.
The housing affordability index, which takes into account what homes cost relative to what people are earning, is in good shape. Homebuyer confidence hit a high, and there was an increase in year-over-year earnings, reported aol.com.
Locally, one realtor said homes are selling.
"There is a lot of activity now," said Susan Shin, broker-owner with RE/MAX Masters in Morton Grove.
"The prices are holding up. There are more buyers, more investors, even the rental market is tremendous."
In Morton Grove, homes offered for rent are usually taken within seven days, she said.
And homes for sale sometimes go under contract within 10 days, which means buyers can't take their time making decisions like they could a year or two ago, she observed.
She credits part of the renewed activity to the fact Morton Grove is conveniently located near expressways and close to the city, but mostly to the fact that sellers have become more realistic in their pricing.
"It's not like two or three years ago, when sellers said, 'Six or seven years ago, I could have gotten $400,000 for this house,'" she commented.