Home Sales AND Values Up In June

graphUPHome owners can breathe a sigh of relief with the recent news from June sales numbers.  The Illinois Association of Realtors report released last week revealed that for the fifth consecutive month home sales increased from the previous year.  Not only that, values increased for the forth month in a row from a the same point last year.   The median home price in Illinois rose from $157,500 to $167,900, a 6.6% increase.  Although values continue to rise in the state, they are still down from the still inflated values of 2008 of $199,849.  
While condo sales have tapered off, single family homes in Chicagoland and statewide are showing particular strength.  Particularly strong were the single family home sales within the city of Chicago, up 21.3% from a year previous.  As Pat Callan, president of the Illinois Association of Realtors in the report states, “buyers are beginning to realize the favorable conditions that exist in today’s housing market.”
Potential buyers musn’t delay if they wish to take advantage of the $8,000 federal tax credit program that expires on December 1st.  Pat Callan warns that closing on a home can take up to 2 months and to be safe, one must try to be under contract by September 1st.  That gives you a full month to find that great deal out there on the market, of which there are plenty. 
MLC Flat Fee Realty is an option for sellers to minimize they’re closing costs by lessoning listing fees, in some case, by more than a percentage point.