2017 should be a solid year for home sales and prices in The Glen

The Glen in Glenview, Illinois is not only a great place to live, but it also enjoys a strong real estate market. I thought you would find it interesting to look ahead to Glen home sales and prices in 2017.

The economic environment for real estate sales was positive in 2016 which is good news for 2017. The economy continued its steady growth, and the unemployment rate fell to 4.6% in November, the lowest since 2007. A year ago, the rate was 5%. During the Great Recession, unemployment rose to as much as 10%. Wages, too, increased in 2016. Interest rates remained very low with the average 30 year fixed rate loan under 4% for most of the year.  Rates began to climb late in the year, but remained low by historical standards. Economic growth, jobs, wages and mortgage interest rates, of course, are huge drivers of home sales, so we are heading into 2017 with some wind at our backs.

Based on these factors and my intimate familiarity with The Glen, I see a solid year ahead for Glen homeowners who wish to sell their homes. This is true for single family homes, townhomes, duplexes and condos. Mortgage rates should continue to be low by historical standards though they are likely to rise marginally during the year. The current 30 year fixed rate mortgage is about 4.3%; a jumbo is about the same. Fifteen year fixed rate mortgages stand at roughly 3.6%. Economists at The National Association of Realtors project prices of homes in the Chicago metropolitan area will increase by 1.9% in 2017. Based on my analysis of The Glen real estate market, I suspect that we may see a somewhat larger increase.

If you may be interested in selling your home or buying one anywhere on the North Shore, please contact me. I am a long time Glen resident and an award winning Realtor affiliated with Coldwell Banker. Among the 80,000+ Coldwell Banker Realtors worldwide, I have been recognized for being in the top 2%. I can be reached at margaret.ludemann@cbexchange.com or 847-401-1802.

Margaret Ludemann