TeleQuest Realty February 2016 Newsletter

Chicago February 2016 Newsletter

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Chicago Family,

January was an exciting month. Median sales price, under contract and closed sales all jumped in the first month of the year! Punxsutawney Phil didn't see his shadow so we are off to the races! It really seems like buyers are excited, and will force warm weather to come. We honestly believe 2016 will be one to remember. Please reach out to us if you have any real estate questions or concerns.

-Chester & Joshua

Chicago News

How much is your RENT Chicago?

Home Sales Surge!

February- Chicago Events

Western-Belmont Overpass coming down.

People We Have Lost Already in 2016.

Featured Listing

1333 W. North Shore #A

View Listing

OPEN HOUSE

2-7-16 12:30pm to 2:00pm

Ready for the Spring Market?

Joshua T. Novy
Broker Associate

Referrals are the greatest compliment, and a huge part of my business. I will treat your referral like family.

Chester S. Jakala
Managing Broker

Most Realtors are in the Real Estate business. We are in the PEOPLE business.

This spring is shaping up to be the busiest housing market we’ve seen since 2006.
Read More

Astronomical Rental Rates Are Changing the Housing Market

Across Chicagoland, renters are paying an increasingly higher price for their temporary homes. The real problem, however, is that these rates are outpacing their income growth. Experts across the country agree that a major change is coming this year, one that will greatly affect buyers and sellers.

Buyers
As former renters flood the market in 2016, housing demand will skyrocket. To be successful in such competitive circumstances, buyers will need to be well prepared to make quick, efficient decisions. With the "Know Before You Owe" mortgage rule in effect, it's more important than ever to have a solid preapproval in place before making an offer. This will make a potential buyer more attractive to sellers and more likely to win against multiple offers.

Sellers
Fewer homes for sale across Chicagoland means they are selling faster and for more money (91 percent of 2008 levels, adjusted for inflation). While homeownership has fallen to historic lows, a recent survey by Fannie Mae found that 69 percent of renters plan to buy a home the next time they move. Pair that with first-time Millennial buyers and the estimated 950,000 formerly distressed homeowners coming back to the market, and 2016 looks like another strong seller's market.

Renters
Before signing another lease, consider RealtyTrac's 2016 Rental Affordability Analysis that found buying is more affordable than renting in Cook County. Misconceptions still abound when it comes to making the leap from renting to buying, but there are many programs that offer down payment and closing-cost assistance.

If you are interested in learning more about how current market conditions can help you achieve your real estate goals, let's talk. My full-service real estate team will help you prepare for the busy spring market.

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Chester S. Jakala - Managing Broker & Joshua T. Novy - Broker Associate
TeleQuest Realty - 773.454.5595 - joshua@novyknows.com
"Experience... NOW more than ever!"

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1255 N. Clark St. #1601 Chicago, IL 60610

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