As a realtor I’m asked about the real estate market every day. And since I live in The Glen, a luxury home development in Glenview Illinois, everyone wants to know how homes are selling here. Well, the market is strong, thank you very much.
Home sales are up nationally and in in the Glen. New construction is leading the way; and in the Glen that means in the Westgate and Patriot Commons neighborhoods. It’s anticipated that new home sales will be up over 20% across the country. Existing home sales nationwide will likely increase 5% to 7% this year which is also strong.
The strength of home sales is primarily due to three factors:
- First time home buyers. Rents have increased substantially this year, encouraging many renters to purchase homes.
- Lending standards have eased up which is increasing the buyer pool.
- Continued low interest rates. Mortgage interest rates have trended up modestly in the last few months (about a quarter point), but they remain low by historical standards. Thirty year fixed rate loans are currently at about 4.1%, and jumbos are at this same level. Many home sales in the Glen – particularly in the Southgate, Tower Crossing, Chapel Crossing, Landings, and Cambridge neighborhoods – involve jumbo loans. Jumbos typically carry a somewhat higher rate, though that is not the case currently. Interest rates may increase a bit more in 2016 and 2017 making now a good time for buyers (and therefore for sellers, too).
The Glen is a wonderful place to live. In addition to all of the beautiful homes, the community lifestyle is hard to beat. There are two great golf courses, both within walking distance of any home in the Glen. The central marketplace is called Glen Town Center which has numerous restaurants (casual and upscale), many shops and boutiques, a movie theater, and a book store. If you are interested in living in the Glen, please contact me. I am a long time Glen homeowner and an award winning realtor affiliated with Coldwell Banker.
Margaret Ludemann margaret.ludemann@cbexchange.com 847-401-1802