Home Sales the Best in Five Years

February 08, 2013

home value salesAccording to the National Association of Realtors, 2012 home sales have improved drastically from 2011 numbers and are at their highest level since 2007.

Last year’s home sales totaled 4.65 million, a 9 percent increase from 2011, and realtors are predicting that home sales will continue to increase in 2013, most likely topping five million.

Home sales are rising due to low mortgage rates, a rise in employment and a home price rebound. Buyers who have been waiting for the general economy to finally improve are now beginning their new home search, which is also leading to higher rates of sales.

An increased demand for new homes, plus a drop in foreclosures, is also affecting home inventory. As of December, there were 1.82 million homes on the market, which is the lowest supply since January 2001.

In the Chicago area, there are currently 11,662 homes for sale. Chicago was recently ranked as the best real estate market for buyers, according to Zillow. Part of this ranking was derived from the fact that homes in Chicago stay on the market longer than anyother metro areas. With sales levels increasing, we should soon see a drop in both the length of time a home stays on the market and a drop in the inventory of homes available for sale. New home builders will then start launching new projects in order to keep up with buyer demand.

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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