A Brief Housing Market Overview

Chicago condos for sale

Are you looking at real estate for sale? Would you like to view single family homes, luxury condos, or another form of luxury real estate? Once you begin to this process, you’ll be closer to being in your new home.

How long have you been searching for the ideal home? How many places have you looked at? Many buyers look at ten homes over the course of ten weeks, and many of these buyers begin their search on the Internet.

Surveys have shown that 92% of online consumer research is home-related, and 60% of this research was conducted over the weekend on mobile devices and tablets. Have you been looking for homes in this manner or are you contacting local realtors?

Not everyone uses the Internet to locate homes that are on the market, however. For those buyers that didn’t conduct an Internet search, they spent five weeks and visited five homes.

During 2015, The National Association of Realtors reported that there were 5,250,000 existing homes sold. The U.S. Census Bureau’s report for 2015 states that 510,000 of these were newly-constructed homes.

When searching for real estate for sale, approximately 34% of home buyers want to avoid having to renovate or deal with other issues such as electricity or plumbing. When purchasing a previously-owned home, however, some buyers were able to get a better price due to it needing some repair.

Home-staging also made a difference with many home buyers. Realtors have claimed that it makes a major difference with 49% of most home buyers and somewhat of a difference for 47%.

Interesting to note is that when many people purchase a new home, it’s not that far away from their old home, just a median of 14 miles.

According to the Federal Reserve’s Survey of Consumer Finances, 65.2% of Americans owned their main home, or primary residence, in 2013. If you’re looking to purchase your first or second home, are you planning to have it financed? Other buyers that have financed their homes general do so for 90% of the total price.

Whether you finance part or most of your home, It’s important to understand the terms of your mortgage. Approximately 59% of homeowners entered into a home purchase without understanding the details.

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