Four Reasons Why 2016 Will Be the Best Year to Sell Your Home
Live Here Chicago the respected Chicago boutique real estate firm’s owner,
Managing Broker, and Lakeview Realtor Carolyn Anavi recently released her 2016
Chicago real estate forecast. For those contemplating selling 2016 may be the best
year we have had in a decade. After year-over-year gains, rising consumer
confidence, the Federal Reserve keeping interest rates low, and the lowest inventory
in years the market conditions are prime for those looking to garner top dollar for
“I‘m very optimistic,” said Carolyn Anavi (http://carolynanavi.com). “The indices
have spoken and we can see it day-to-day. With home prices on the rise and market
conditions favorable to selling more and more people are testing the waters to see if
it is time to make that next big move.”
According to the Illinois Association of Realtors in the last twelve months prices
have maintained positive growth with annual growth rates for Chicago varying
between 2.3% and as high as 15.3%. Moreover, the percentage of foreclosed sales
out of total sales continued decreasing to a monthly average of 18.3%.
Similarly, both the broader view of consumer’s confidence and home purchase
sentiment are higher than they were same time last year. In October, the University
of Michigan Consumer Sentiment Index increased to 90.0 from 86.9. Equivalently,
the Conference Board Consumer Confidence Index increased to 97.6 from 94.5 a
year ago. These readings of confidence levels are high compared with their historic
records, and are mainly backed up by positive employment news.
In December the Federal Reserve, who’s responsibility it is to set interest rates on
long-term and short-term debt, raised interest rates for the first time since 2006
which was mostly bolstered by the positive employment gains. It was raised a mere
quarter point which should have little short-term impact on long-term debt like
mortgages and car loans. While interest rates may not be at historic lows, they are
still low as compared to previous years.
Inventory is also at an all-time low. As of January 9th, 7,297 homes were publicly
listed for sale on the Multiple Listing Service in the City of Chicago; this was down
over 400 listings as compared to the last week of 2015. This set a historic low since
reporting began in the start of 2007. By comparison, January of 2007 saw 21,000
homes for sale with a peak later that year of 28,000.
Carolyn Anavi (http://carolynanavi.com) is the owner and Managing Broker of Live
Here Chicago, a full service real estate brokerage focused on residential sales and
Chicago apartment rentals. She is one of the few female real estate brokerage
owners in Chicago and has designations as both an Accredited Buyers Agent (ABR) and a Sellers Representative Specialist (SRS). Carolyn also specializes in assisting landlords
to properly price and market Chicago apartments - she has been helping
people buy and sell real estate in the Chicagoland area for more than 17 years.