After a yawn of months with little activity, the Northwest Suburban real estate market has taken off like a stealth bomber! The hustle and bustle at my own Coldwell Banker Buffalo Grove Office attests to the fact that Americans will only let themselves be held at bay for so long before they break through the invisible ceiling of home ownership. http://www.coldwellbankeronline.com, http://www.jenniespallonerealtor.com
I say invisible because, at 3.75 to 4.0 percent, a 30-year fixed rate mortgage is lower than it's been since Dwight D. Eisenhower was President some sixty years ago! Banks have unlocked their lending hand-cuffs and are approving mortgages that can close in four to six weeks, while at the same time, implementing new accountability standards.
FHA has risen from the dead to become the new "best friend" of first-tme buyers, as well as prospective buyers who make a decent living but only have 3 1/2 percent of the sales price to put down!http://www.hud.gov/offices/hsg/
February saw a 16.1 percent in home sales in Illinois. (http://www.prnewswire.com/news-releases/illinois-sees-161-percent-increase-in-home-sales-strongest-january-sales-report-since-2007-data-show-139967833.html) And the Midwest Real Estate Data, who gets its stats from the MLS, reports that February saw 2,289 sold properties in the North West Suburbs, as well as 4,329 pending sales.
The Real Estate Market is looking up! Call your local Realtor and check it out!