Fed report: U.S. housing market remains strong, even as concerns about the economy surface
The economy might be showing signs of at least a slight slowdown. But the housing market? That’s thriving across the United States.
That’s the takeaway from a recent report from the Federal Reserve Bank of New York. According to the report, wages are only growing at a moderate level while consumer spending is slowing.
But the housing market continues to improve, according to the Fed. And that’s good news for anyone interested in selling a condo or single-family home, in Chicago or across the country.
Home prices in Chicago have been steadily rising. The only downside? Prices here haven’t been rising as fast as they have been in other major cities. Still, owners with homes in desirable neighborhoods can expect to see steady demand as long as they work with a REALTOR® to price their residences properly for today’s market.
According to the Fed’s report, during the last three months, single-family housing starts and permits have been on the rise. The Fed said, too, that the sales of new homes increased 7.1 percent in August on a month-over-month basis. New home sales were also 18 percent higher than they were a year ago.
The country has also seen an increase in the number of new homes built. The Fed said that new home construction rose 12.3 percent in August to reach its highest level since June of 2007.
What does this mean for homeowners in Chicago? Only that this remains a good time to sell a condo or single-family home. There are some caveats, of course. First, it’s important to set the right asking price. Today’s buyers are savvy. They won’t overpay for a home, no matter how much you paid for it originally.
Secondly, you need to make sure your Chicago home is in prime showing condition at all times. You want to make a strong first impression on possible buyers, and this means a neat, clean, uncluttered home, both inside and out.
Finally, work with a REALTOR® to market your home properly. You want to promote your Chicago condo or single-family home to the greatest number of potential buyers.