A week ago I wrote about five great advantages of the Rent to Own method of buying real estate.
Here are five more good reasons to consider this option when searching for a new home:
6. Time to Check out the House: When you Rent to Own, you have time to live in the home before making the full purchase commitment. This give's you time to find out all the pros and cons of the home before you buy. If you find things wrong with the home that you didn't see before moving in, you have the opportunity to resolve those issues, possibly by getting the owner to correct them, or by renegotiating a lower purchase price. If you find the home just isn't all you wanted it to be, you can simply stay in the home as a renter and/or find another home, without the full commitment of a purchase.
7. Time to Check out the Neighborhood: Just as above, when you Rent to Own a home, you'll have ample time to get to know the neighborhood, and the neighbors. The homes we offer for Rent to Own are typically in very nice neighborhoods, with good schools and friendly neighbors. By doing a Rent to Own on one of these homes, you'll have the opportunity to verify that for yourself before making the full purchase commitment.
8. Control: When you Rent to Own a home you control the property in the sense that, while you are renting, the home cannot be sold, except to you -- if you choose to buy. You are in control of the destiny of that home during the period of your Rent to Own contract!
9. Time to Obtain the Best Financing: While you are renting in a Rent to Own home, you have time to shop around for the best mortgage rates, the best terms, the best interest rate. We work with many different mortgage brokers, and while you are not obligated to work with any of them, we're happy to give you a list of professional mortgage brokers who can work with you to get the best deal.
10. Leverage: When you Rent to Own a home, you are typically putting down much less to purchase the home than in a conventional mortgage or purchase. The less money you put down toward a home, the more "leverage" you have. In other words, the more profit through appreciation you stand to make with the least amount of up-front cash at risk. In any investment situation, making more off less is preferable to making some off a lot of up-front cash.
We always have Rent to Own opportunities available. Visit our website to learn more: MyHappyHomeSolutions.com
Tuesday, August 27, 2013
Tuesday, August 20, 2013
Five Great Advantages of Rent to Own
There are many advantages to buying a home through the Rent to Own process. Whether you call it Rent to Own, Lease Purchase, Lease with an Option to buy, or by any other name, there are many good reasons to move toward home ownership this way.
Here are five good reasons to start with:
1. Low Down Payment: A conventional purchase of a home requires a substantial down payment, sometimes as much as 20 to 30 percent of the purchase price. If you don't have a spare $40,000 or more burning a hole in your pocket, Rent to Own is your ticket to home ownership.
2. Rent Money Is Working For You: Rich people know that putting their money to work is essential to financial stability. When you enter into a Rent to Own contract, you are putting your rent money to work for you and your financial future. In most Rent to Own situations, a portion of your monthy rent -- sometimes even 100 percent -- is credited toward the purchase price of your new home.
3. Option Consideration is Credited: The money you put down toward a Rent to Own home is called "option consideration." This money goes toward the purchase price of the home, and the amount you put down is then increased with monthly rent credit as well.
4. Purchase Price is Locked In: In most Rent to Own agreements, the purchase price of the home is locked in for a specified period of time. This is typically one year, though it may be more. In some cases the price may increase after one or more years, but you'll still have the benefit of locking in a reasonable price.
5. Appreciation: After several lean years, the housing market and home prices are now back to what they have done for the majority of the past 200 years in America -- appreciate in value! Yes, home values are rising nationwide and have been doing so since early 2012 or even 2011 in some markets. If the home you Rent to Own appreciates while you are renting, you will have earned valuable equity even before you've completed the purchase!
We always have a variety of Rent to Own homes available, with more coming in week by week. Visit our website to see what's available now, and be sure to join our mailing list so you won't miss any good opportunities!
Stop by our site today: MyHappyHomeSolutions.com
Here are five good reasons to start with:
1. Low Down Payment: A conventional purchase of a home requires a substantial down payment, sometimes as much as 20 to 30 percent of the purchase price. If you don't have a spare $40,000 or more burning a hole in your pocket, Rent to Own is your ticket to home ownership.
2. Rent Money Is Working For You: Rich people know that putting their money to work is essential to financial stability. When you enter into a Rent to Own contract, you are putting your rent money to work for you and your financial future. In most Rent to Own situations, a portion of your monthy rent -- sometimes even 100 percent -- is credited toward the purchase price of your new home.
3. Option Consideration is Credited: The money you put down toward a Rent to Own home is called "option consideration." This money goes toward the purchase price of the home, and the amount you put down is then increased with monthly rent credit as well.
4. Purchase Price is Locked In: In most Rent to Own agreements, the purchase price of the home is locked in for a specified period of time. This is typically one year, though it may be more. In some cases the price may increase after one or more years, but you'll still have the benefit of locking in a reasonable price.
5. Appreciation: After several lean years, the housing market and home prices are now back to what they have done for the majority of the past 200 years in America -- appreciate in value! Yes, home values are rising nationwide and have been doing so since early 2012 or even 2011 in some markets. If the home you Rent to Own appreciates while you are renting, you will have earned valuable equity even before you've completed the purchase!
We always have a variety of Rent to Own homes available, with more coming in week by week. Visit our website to see what's available now, and be sure to join our mailing list so you won't miss any good opportunities!
Stop by our site today: MyHappyHomeSolutions.com
Tuesday, August 13, 2013
Rent to Own From the Buyer's Viewpoint
Who is a candidate for Rent to Own?
Generally this is a person who can't purchase a home through conventional means (or is just too smart to want to). This buyer does not have a large enough down payment, poor credit, high loan to debt ratio, or 20 other reaons that make the traditional purchase of a home impractical.
The buyer is aware of the advantages of home ownership (tax shelter, appreciation, security, etc.) and is eager for a chance to get involved in a home of his or her own. This property is their potential new home and their rent money is working toward the down payment or off the sales price.
Everyone is happy because all parties are getting what they want from the transaction -- the buyer is able to take an ownership interest in a home while still renting, and the seller is able to find a quality tenant who is eager to purchase the home.
The lack of third parties such as banks, mortgage brokers, lawyers, and complicated escrows enable the seller to be flexible with the price and the terms, and the buyer to avoid the usual road blocks of home ownership.
We always have Rent to Own homes available, from condos and townhouses, to single family homes in a variety of price ranges. And we get more on a weekly basis.
To find out more, watch our video "How Rent to Own Works" in the top right corner of our website: MyHappyHomeSolutions.com
Thanks to Claude Diamond for some of the above!
Generally this is a person who can't purchase a home through conventional means (or is just too smart to want to). This buyer does not have a large enough down payment, poor credit, high loan to debt ratio, or 20 other reaons that make the traditional purchase of a home impractical.
The buyer is aware of the advantages of home ownership (tax shelter, appreciation, security, etc.) and is eager for a chance to get involved in a home of his or her own. This property is their potential new home and their rent money is working toward the down payment or off the sales price.
Everyone is happy because all parties are getting what they want from the transaction -- the buyer is able to take an ownership interest in a home while still renting, and the seller is able to find a quality tenant who is eager to purchase the home.
The lack of third parties such as banks, mortgage brokers, lawyers, and complicated escrows enable the seller to be flexible with the price and the terms, and the buyer to avoid the usual road blocks of home ownership.
We always have Rent to Own homes available, from condos and townhouses, to single family homes in a variety of price ranges. And we get more on a weekly basis.
To find out more, watch our video "How Rent to Own Works" in the top right corner of our website: MyHappyHomeSolutions.com
Thanks to Claude Diamond for some of the above!
Tuesday, August 6, 2013
Should You Rent-to-Own a Home?
Rent to Own has been around for decades. The housing and credit market crunch of the past several years made it a more popular method of getting into home ownership. Here is what Fox Chicago recently had to say on the matter:
Should you rent-to-own a home?
By Andrew Housser
It's a buyer's market right now in real estate. This is good news if you're in the market for a new home, but bad news if your credit rating prevents you from qualifying for a loan. Yet even if you've had some setbacks, it may still be possible for you to realize your dream of home ownership. The option to rent-to-own or lease a home has risen in popularity over the last several years, in part because it benefits both buyers and sellers. Renting (or leasing) can be a good stepping stone toward home ownership, but before you sign on the dotted line, find out the answers to these all-important questions.
How does rent-to-own work?
As the prospective buyer, you sign a contract agreeing to pay an option fee (generally around $5,000 for a low- to mid-priced home), as well as rent and rent premiums to the home seller. The homeowner will put your rent money toward his mortgage expenses. The extra rent or rent premium, if any, goes toward your future purchase of the home. The option fee will become part of your down payment when you buy the house, but the seller can keep this money if you back out of the purchase.
Who should I consult before signing?
Because there's no standard rent-to-own contract and every state has its own regulations, you should talk to an attorney or a real estate agent to ensure you fully understand the financial implications of the contract. This process will also ensure there aren't any problems with the home's title and that it's not in foreclosure. Get a home inspection and appraisal -- just as you would if you were buying the home right now. And talk to a mortgage lender to determine what you need to do to qualify for a loan when your rental option is up.
Is this a good option for me?
Rent-to-own or lease options give you an opportunity to save up a down payment while working to up your credit score. If you were to pay a $400 monthly rent premium on top of a $1,000 monthly rental payment, you'd have $4,800 saved for a home purchase after one year. Add that to your option fee, and you'll have close to $10,000 already saved for your new home. Renting also enables you to try out a home and surrounding neighborhood before buying.
What are some of the cons?
Before entering into a rent-to-own agreement, you and the seller must decide on the purchase price of the home. Leasing options usually last for one to two years, but can last for three to five years, and the housing market can change significantly during that time period. As a renter, this can work to your advantage if the market improves and the home's value increases above the agreed-upon contract amount (clearly, that's a negative if you're the seller). Of course, the home could be worth less than the agreed-upon price by the time your contract is up. At this point, you can either try to renegotiate with the seller, go through with the purchase as is, or move out and lose your investments.
What are my rights as a future home buyer?
Until you purchase, you are still a renter and subject to all rules that apply to renters. You can be evicted for failing to make rent payments on time. If that happens, you can also lose your upfront fees and rent premiums. If you still don't qualify for a loan at the end of the rental agreement, you may have to forfeit the extra cash you've invested.
What should I know if I'm the homeowner?
Renting to potential home buyers can be a good decision if your house has been on the market for a while, the housing market in your area is stagnant, or you must relocate quickly for employment or other reasons. The rent income can help cover your mortgage, freeing you to move to your new location. Another upside: Potential buyers are more likely to take good care of your home, since they hope to call it their own someday. But if your renters can't make their payments, you could be liable for two mortgages, a situation that could lead to financial difficulty, and in some cases, foreclosures.
Buying a home may well be the biggest purchasing decision you'll ever make, so it's important to carefully weigh the pros and cons of renting to own. Talk to a real estate expert who can help you determine whether renting-to-own is right for you.
We always have Rent to Own homes available, with more coming in weekly. To see what we have available right now, or to join our mailing list so you'll be alerted to new Rent to Own opportunities, visit our website: MyHappyHomeSolutions.com
Should you rent-to-own a home?
By Andrew Housser
It's a buyer's market right now in real estate. This is good news if you're in the market for a new home, but bad news if your credit rating prevents you from qualifying for a loan. Yet even if you've had some setbacks, it may still be possible for you to realize your dream of home ownership. The option to rent-to-own or lease a home has risen in popularity over the last several years, in part because it benefits both buyers and sellers. Renting (or leasing) can be a good stepping stone toward home ownership, but before you sign on the dotted line, find out the answers to these all-important questions.
How does rent-to-own work?
As the prospective buyer, you sign a contract agreeing to pay an option fee (generally around $5,000 for a low- to mid-priced home), as well as rent and rent premiums to the home seller. The homeowner will put your rent money toward his mortgage expenses. The extra rent or rent premium, if any, goes toward your future purchase of the home. The option fee will become part of your down payment when you buy the house, but the seller can keep this money if you back out of the purchase.
Who should I consult before signing?
Because there's no standard rent-to-own contract and every state has its own regulations, you should talk to an attorney or a real estate agent to ensure you fully understand the financial implications of the contract. This process will also ensure there aren't any problems with the home's title and that it's not in foreclosure. Get a home inspection and appraisal -- just as you would if you were buying the home right now. And talk to a mortgage lender to determine what you need to do to qualify for a loan when your rental option is up.
Is this a good option for me?
Rent-to-own or lease options give you an opportunity to save up a down payment while working to up your credit score. If you were to pay a $400 monthly rent premium on top of a $1,000 monthly rental payment, you'd have $4,800 saved for a home purchase after one year. Add that to your option fee, and you'll have close to $10,000 already saved for your new home. Renting also enables you to try out a home and surrounding neighborhood before buying.
What are some of the cons?
Before entering into a rent-to-own agreement, you and the seller must decide on the purchase price of the home. Leasing options usually last for one to two years, but can last for three to five years, and the housing market can change significantly during that time period. As a renter, this can work to your advantage if the market improves and the home's value increases above the agreed-upon contract amount (clearly, that's a negative if you're the seller). Of course, the home could be worth less than the agreed-upon price by the time your contract is up. At this point, you can either try to renegotiate with the seller, go through with the purchase as is, or move out and lose your investments.
What are my rights as a future home buyer?
Until you purchase, you are still a renter and subject to all rules that apply to renters. You can be evicted for failing to make rent payments on time. If that happens, you can also lose your upfront fees and rent premiums. If you still don't qualify for a loan at the end of the rental agreement, you may have to forfeit the extra cash you've invested.
What should I know if I'm the homeowner?
Renting to potential home buyers can be a good decision if your house has been on the market for a while, the housing market in your area is stagnant, or you must relocate quickly for employment or other reasons. The rent income can help cover your mortgage, freeing you to move to your new location. Another upside: Potential buyers are more likely to take good care of your home, since they hope to call it their own someday. But if your renters can't make their payments, you could be liable for two mortgages, a situation that could lead to financial difficulty, and in some cases, foreclosures.
Buying a home may well be the biggest purchasing decision you'll ever make, so it's important to carefully weigh the pros and cons of renting to own. Talk to a real estate expert who can help you determine whether renting-to-own is right for you.
We always have Rent to Own homes available, with more coming in weekly. To see what we have available right now, or to join our mailing list so you'll be alerted to new Rent to Own opportunities, visit our website: MyHappyHomeSolutions.com
Tuesday, July 30, 2013
Home Prices Keep Soaring
A new report on CNN money today, July 30, 2013, confirms what realtors have been saying for a year now: The housing market is coming back very strong, with prices increasing every month for the past 12 months. Some cities are now seeing prices as high or higher than before the "bubble" of 2007.
At this point, the longer you wait to buy a home, or to lock in a price with a Rent to Own option, the higher the price you'll eventually pay for your next home.
Read what CNN has to say:
Home Prices Keep Soaring
By Chris Isidore @CNNMoney July 30, 2013: 9:28 AM ET
NEW YORK (CNNMoney)
Home prices continued to gain steam in May according to a closely-watched reading, even as mortgage rates climbed.
The S&P/Case-Shiller home price index was up 12.2% compared to a year ago, slightly better than the 12.1% rise in April. It was the biggest year-over-year jump in prices since March 2006, near the peak of the housing bubble.
Just a year ago, the index showed a 12-month decline in prices. But they have increased every month since June 2012, and each month the increase has been greater than the month before.
Home values have been rising due to a combination of factors, including a drop in foreclosures that had been putting downward pressure on prices, and a tight supply of houses available for sale. But the record low mortgage rates of earlier this year have risen significantly since then, crimping the purchasing power of potential home buyers.
Still, at least in this May reading, the mortgage rates have not slowed the rapid increase in prices.
Related: 5 things to know about rising mortgage rates
"Home prices continue to strengthen," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. All 20 markets measured in the index have higher prices than they did in April. And two cities - Dallas and Denver -- now have prices that are even higher than they were at the height of the bubble.
Home recovery spurs renovation boom
Many of the markets with the biggest year-over-year changes in prices are those that were hit hardest by the collapse of housing. Prices in San Francisco, Las Vegas, Phoenix and Atlanta are all up more than 20% from a year ago. New York had the most modest rise with a 3.3% increase.
But the rapid price gains over the last year are at a level that no expert thinks can be sustained. Some had even suggested it was unhealthy for the market, raising the risk of a new housing bubble, at least in some regions. The rapid rise of housing prices in the middle of the decade eventually sparked the crisis in the financial markets and the Great Recession.
Just a year ago, the index showed a 12-month decline in prices. But they have increased every month since June 2012, and each month the increase has been greater than the month before.
Home values have been rising due to a combination of factors, including a drop in foreclosures that had been putting downward pressure on prices, and a tight supply of houses available for sale. But the record low mortgage rates of earlier this year have risen significantly since then, crimping the purchasing power of potential home buyers.
Still, at least in this May reading, the mortgage rates have not slowed the rapid increase in prices.
Related: 5 things to know about rising mortgage rates
"Home prices continue to strengthen," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. All 20 markets measured in the index have higher prices than they did in April. And two cities - Dallas and Denver -- now have prices that are even higher than they were at the height of the bubble.
Home recovery spurs renovation boom
Many of the markets with the biggest year-over-year changes in prices are those that were hit hardest by the collapse of housing. Prices in San Francisco, Las Vegas, Phoenix and Atlanta are all up more than 20% from a year ago. New York had the most modest rise with a 3.3% increase.
But the rapid price gains over the last year are at a level that no expert thinks can be sustained. Some had even suggested it was unhealthy for the market, raising the risk of a new housing bubble, at least in some regions. The rapid rise of housing prices in the middle of the decade eventually sparked the crisis in the financial markets and the Great Recession.
At this point, the longer you wait to buy a home, or to lock in a price with a Rent to Own option, the higher the price you'll eventually pay for your next home.
Read what CNN has to say:
Home Prices Keep Soaring
By Chris Isidore @CNNMoney July 30, 2013: 9:28 AM ET
NEW YORK (CNNMoney)
Home prices continued to gain steam in May according to a closely-watched reading, even as mortgage rates climbed.
The S&P/Case-Shiller home price index was up 12.2% compared to a year ago, slightly better than the 12.1% rise in April. It was the biggest year-over-year jump in prices since March 2006, near the peak of the housing bubble.
Just a year ago, the index showed a 12-month decline in prices. But they have increased every month since June 2012, and each month the increase has been greater than the month before.
Home values have been rising due to a combination of factors, including a drop in foreclosures that had been putting downward pressure on prices, and a tight supply of houses available for sale. But the record low mortgage rates of earlier this year have risen significantly since then, crimping the purchasing power of potential home buyers.
Still, at least in this May reading, the mortgage rates have not slowed the rapid increase in prices.
Related: 5 things to know about rising mortgage rates
"Home prices continue to strengthen," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. All 20 markets measured in the index have higher prices than they did in April. And two cities - Dallas and Denver -- now have prices that are even higher than they were at the height of the bubble.
Home recovery spurs renovation boom
Many of the markets with the biggest year-over-year changes in prices are those that were hit hardest by the collapse of housing. Prices in San Francisco, Las Vegas, Phoenix and Atlanta are all up more than 20% from a year ago. New York had the most modest rise with a 3.3% increase.
But the rapid price gains over the last year are at a level that no expert thinks can be sustained. Some had even suggested it was unhealthy for the market, raising the risk of a new housing bubble, at least in some regions. The rapid rise of housing prices in the middle of the decade eventually sparked the crisis in the financial markets and the Great Recession.
Just a year ago, the index showed a 12-month decline in prices. But they have increased every month since June 2012, and each month the increase has been greater than the month before.
Home values have been rising due to a combination of factors, including a drop in foreclosures that had been putting downward pressure on prices, and a tight supply of houses available for sale. But the record low mortgage rates of earlier this year have risen significantly since then, crimping the purchasing power of potential home buyers.
Still, at least in this May reading, the mortgage rates have not slowed the rapid increase in prices.
Related: 5 things to know about rising mortgage rates
"Home prices continue to strengthen," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. All 20 markets measured in the index have higher prices than they did in April. And two cities - Dallas and Denver -- now have prices that are even higher than they were at the height of the bubble.
Home recovery spurs renovation boom
Many of the markets with the biggest year-over-year changes in prices are those that were hit hardest by the collapse of housing. Prices in San Francisco, Las Vegas, Phoenix and Atlanta are all up more than 20% from a year ago. New York had the most modest rise with a 3.3% increase.
But the rapid price gains over the last year are at a level that no expert thinks can be sustained. Some had even suggested it was unhealthy for the market, raising the risk of a new housing bubble, at least in some regions. The rapid rise of housing prices in the middle of the decade eventually sparked the crisis in the financial markets and the Great Recession.
Monday, July 29, 2013
Buyer Benefits for Rent To Own Homes
There are many benefits to buying a home through the Rent to Own process, especially if you can't currently qualify for a mortgage, but don't want to just throw away money making the landlord rich, while you end up with nothing.
Here is what Zillow has to say about the Benefits of Buying a home through Rent to Own:
• Opportunity to Own Your Dream Home. Many people find their dream home but need time to make their purchase. The Rent To Own purchase not only allows you to have that time, but also allows you to live in your home before you decide on exercising the option to purchase.
• Make Your Rent an Investment. Both a portion of your monthly rent and your entire down payment at closing will be credited to your purchase price at the time of sale.
• Potential to Own With Any Credit. Whether you’ve had late payments, a bankruptcy or simply haven’t had enough time to build up your credit, a Rent To Own home may enable you to build equity and repair credit while renting to own your home.
• Maintain Your Flexibility. Rent To Own enables you to build your equity in a home, but also gives you the flexibility to walk away from the property at the end of your lease term, should you decide you don’t want to make the purchase.
• Profits from Appreciation. The purchase price is fixed in the beginning and is not negotiable after an agreement is signed by both the buyer and seller. Fast growth markets may enable extra equity gains for the buyer.
• Upfront Timing. The timing for moving into a Rent to Own home can be much shorter than purchasing a home, as much of the paperwork takes place at the end of your lease, should you exercise your option to purchase and be approved for a mortgage.
• Credit Improvement Specialists Available. There are credit experts that can help you build your credit to the point of making a purchase at the end of your lease.
• Preparation for Home Ownership. The Rent To Own process affords you, as the buyer, the opportunity to prepare for what is necessary when owning your own home. Typically, you will be responsible for the daily maintenance and upkeep of the home and yard depending on the terms of the Rent To Own agreement.
• Privacy. The renter is not the owner on the deed in public county records.
We have Rent to Own homes available now, and always have more coming in, week by week. Take a look at our website to see what we have available now, and if you're not already on our mailing list, join so you can find out about newer Rent to Own homes -- sometimes even before we post them on our site or begin marketing them on the Internet.
Go here to find out more: MyHappyHomeSolutions.com
Here is what Zillow has to say about the Benefits of Buying a home through Rent to Own:
• Opportunity to Own Your Dream Home. Many people find their dream home but need time to make their purchase. The Rent To Own purchase not only allows you to have that time, but also allows you to live in your home before you decide on exercising the option to purchase.
• Make Your Rent an Investment. Both a portion of your monthly rent and your entire down payment at closing will be credited to your purchase price at the time of sale.
• Potential to Own With Any Credit. Whether you’ve had late payments, a bankruptcy or simply haven’t had enough time to build up your credit, a Rent To Own home may enable you to build equity and repair credit while renting to own your home.
• Maintain Your Flexibility. Rent To Own enables you to build your equity in a home, but also gives you the flexibility to walk away from the property at the end of your lease term, should you decide you don’t want to make the purchase.
• Profits from Appreciation. The purchase price is fixed in the beginning and is not negotiable after an agreement is signed by both the buyer and seller. Fast growth markets may enable extra equity gains for the buyer.
• Upfront Timing. The timing for moving into a Rent to Own home can be much shorter than purchasing a home, as much of the paperwork takes place at the end of your lease, should you exercise your option to purchase and be approved for a mortgage.
• Credit Improvement Specialists Available. There are credit experts that can help you build your credit to the point of making a purchase at the end of your lease.
• Preparation for Home Ownership. The Rent To Own process affords you, as the buyer, the opportunity to prepare for what is necessary when owning your own home. Typically, you will be responsible for the daily maintenance and upkeep of the home and yard depending on the terms of the Rent To Own agreement.
• Privacy. The renter is not the owner on the deed in public county records.
We have Rent to Own homes available now, and always have more coming in, week by week. Take a look at our website to see what we have available now, and if you're not already on our mailing list, join so you can find out about newer Rent to Own homes -- sometimes even before we post them on our site or begin marketing them on the Internet.
Go here to find out more: MyHappyHomeSolutions.com
Friday, July 19, 2013
June Home Sales: Woodridge Experiences Slight Increase in Prices, Sales
Posted in the Woodridge Patch by Mary Ann Lopez (Editor), July 16, 2013
Year-over-year, sales and prices increased slightly in Woodridge, while sales in DuPage County are up about 17 percent, according to the Mainstreet Organization of Realtors.
The 28 single, detached homes sold in Woodridge during June 2013 represented a 7.7 percent increase over June 2012, when 26 homes were sold, according to the Mainstreet Organization of Realtors (MORe). There were 30 homes sold in Woodridge during May.
As the number of homes sold increased slightly in Woodridge, the median home price also experienced some growth. The median price increased 4.3 percent to $242,500 from $232,500 in June 2012, according to the statistics.
Sales of single-family, detached homes in suburban Chicago increased 17.1 percent in June 2013 compared with the same period a year ago, MORe reported. Sales in the 200 communities MORe gathers information on in DuPage, Lake and suburban Cook counties – experienced notable sales gains last month.
Sales momentum is expected to continue in those communities, as the number of detached homes under contract in June grew by 36.5 percent in those same communities, according to MORe. The median sale price for detached homes also increased 9.5 percent from the previous June, and according to MORe this marks the fourth month in a row of year-over-year price growth.
In DuPage County, Clarendon Hills experienced the most significant increase in sales over the same period last year. Several Patch communities in DuPage County experienced a decline in the median sales price during June, but Downers Grove saw the largest decrease in price. Sales prices dropped -13.7 percent with sales prices declining from $355,000 in June 2012 to $306,500 in June 2013, according to the statistics.
Darien experienced the most significant decline in the number of homes sold, dropping -18.2 percent from June 2012.
Buyers should look to act soon if they are interested in buying so they lock in today’s low interest rates, said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park.
“A slow and steady growth in home prices, combined with more properties coming on the market, is creating ideal conditions for both buyers and sellers,” she said.
Year-over-year, sales and prices increased slightly in Woodridge, while sales in DuPage County are up about 17 percent, according to the Mainstreet Organization of Realtors.
The 28 single, detached homes sold in Woodridge during June 2013 represented a 7.7 percent increase over June 2012, when 26 homes were sold, according to the Mainstreet Organization of Realtors (MORe). There were 30 homes sold in Woodridge during May.
As the number of homes sold increased slightly in Woodridge, the median home price also experienced some growth. The median price increased 4.3 percent to $242,500 from $232,500 in June 2012, according to the statistics.
Sales of single-family, detached homes in suburban Chicago increased 17.1 percent in June 2013 compared with the same period a year ago, MORe reported. Sales in the 200 communities MORe gathers information on in DuPage, Lake and suburban Cook counties – experienced notable sales gains last month.
Sales momentum is expected to continue in those communities, as the number of detached homes under contract in June grew by 36.5 percent in those same communities, according to MORe. The median sale price for detached homes also increased 9.5 percent from the previous June, and according to MORe this marks the fourth month in a row of year-over-year price growth.
In DuPage County, Clarendon Hills experienced the most significant increase in sales over the same period last year. Several Patch communities in DuPage County experienced a decline in the median sales price during June, but Downers Grove saw the largest decrease in price. Sales prices dropped -13.7 percent with sales prices declining from $355,000 in June 2012 to $306,500 in June 2013, according to the statistics.
Darien experienced the most significant decline in the number of homes sold, dropping -18.2 percent from June 2012.
Buyers should look to act soon if they are interested in buying so they lock in today’s low interest rates, said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park.
“A slow and steady growth in home prices, combined with more properties coming on the market, is creating ideal conditions for both buyers and sellers,” she said.
Subscribe to:
Posts (Atom)