2013 was the year that Glen homeowners have been waiting for. The Glen is an upscale residential and retail development in Glenview, Illinois in the Chicago area’s North Shore. The real estate market for its homes was exceptionally strong. Sales were up considerably, prices rebounded nicely, and the time it took to sell homes fell. Further, nearly every Glen home listed for sale in 2013 sold.
Broad economic factors positively influenced existing home sales in the U.S. which gained 9.3% for the year. The U.S. economy gathered strength through 2013. Job growth continued to climb. According to the Bureau of Labor Statistics the unemployment rate fell to 7% by November 2013 from 7.9% in January 2013 and from its recent high of 10% in October 2009. Interest rates remained at historically low levels, though they inched upward during the year. Low rates and the prospect of higher future interest rates served as incentives for many potential home buyers. Stocks soared during the year with the S & P 500 gaining 29.6% which no doubt made potential home buyers feel more financially secure.
Years of declining values once again brought many bargain hunting investors into the U.S. housing market. Pent up demand by trade-up buyers also fueled the increase in home sales.
As prices rose during the year fewer homeowners found themselves “under water” (homes worth less than the mortgage balance), thereby reducing their incentive to sell. This resulted in a decline of available housing inventory. Over the last several years sellers far outnumbered buyers, but that was reversed in 2013 giving sellers the negotiating advantage. The result…further improvement in home prices.
It was the best year for home sales and prices in years, and you will see that reflected in my future blogs dealing specifically with sales of Glen homes.
Glen homeowner and Coldwell Banker Realtor