If you’re in the market for a luxury Chicago home, then strike while the iron is hot. Although the economy is still in recession, recent indicators have signaled a bottoming out of the real estate market.
Just last week, 30-year fixed mortgages jumped 0.30 point to 5.59 percent. And, The National Association of Realtors stated this month that the index of pending home sales rose 6.7 percent in April, an increase for the third consecutive month.
According to the Wall Street Journal, the index, which tracks the number of homes under signed contracts, is back to its September 2008 levels before the housing meltdown last fall. This increase was significantly larger than the 0.5 percent gain analysts were expecting.
The majority of these signed contracts came out of the Northeast, although pending home sales rose 9.8 percent in the Midwest.
This increase in pending home sales is a another indicator that the market is improving, and we should see an increase in actual home sales within the next one to two months.
But it’s never too late to get in on the real estate action. There are plenty of luxury Chicago homes for sale and great real estate deals to be had.