Real Estate Trends
Home prices have risen nationally three times faster than incomes since the turn of the century, which has made home ownership an impossibility for more Americans than ever before.
The pandemic has provided a unique opportunity for sellers despite the perceived economic changes, it's a SELLER's market. There is more demand than inventory. In many large cities, home prices have outpaced income.
Even with a downturn in the real estate market looming on the horizon, home sales are still headed for another record year - especially in the Chicagoland and south suburbs.
The first sector to show slowing is the high-end home market. Because of “overpersonalized” big-ticket properties, the pace of house auctions nationwide has surged.
Historically low-interest rates are the only continuing positive trend of the housing market. Low rates average now less than 6 percent for 30-year fixed-rate loans, the lowest since the 1960s.
Real-estate analysts believe that if the housing market stalls, some areas will continue to grow modestly while other markets gradually go soft, rather than pop.