Oct
23

Chicago Real Estate Price Appreciation Leading the Way to Housing Recovery

October 23, 2012

chicago real estate home price appreciationHome prices are rising, which is helping to speed up the housing recovery. According to Dave Crowe, the National Association of Home Builders’ Chief Economist, an increase in home prices plus a number of other factors are helping to strengthen the market as we head into 2013.

So what are some of the factors that are helping with the current housing recovery?

  • First of all, we recently reported that more than 100 metros are on the NAHB/First American Improving Markets Index. A total of 103 housing markets have made the list, which is the largest number to rank on the index this year.
  • The latest consumer and builder confidence reports are also looking good. According to a Fannie Mae survey, consumer confidence in home buying is at its highest level since June 2010 and builder confidence is at its highest level since 2006.
  • More apartments are being built in both the Chicago area and nationwide. Each week, we’ve been featuring articles on the latest apartment complexes that are planned for Chicago neighborhoods such as River North and the Gold Coast, and developers are continuing to show interest in Chicago multifamily housing.

There are still a few issues that are keeping the housing market from reaching pre-recession levels. Most of these issues are fiscal related, including builders having a hard time obtaining credit or buyers having difficulty obtaining a mortgage loan.

However, the fact that consumer and builder confidence are at their highest level in years says a lot about where the Chicago real estate market is headed.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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