Chicagoland NW Suburban IL Real Estate & News: NAR Pending Home Sales & Home Equity Figures for the Chicago Area

Here is some very exciting news – now just from the National Association Realtors on rising pending home sales but on Home Equity levels here in the Chicago Metro area.

However, before I mention about Housing Equity in the area I have to mention that Pending home sales have risen for three consecutive months, NAR’s Pending Home Sales Index rose 6% following gains of 7.1% in March and 8.3% in February. Pending home sales are at the highest level since October 2009. Regionally here in the Midwest the index rose 4.1% which is 17.9% above April 2009

The tax credits are of course a big part of the reason for the jump in numbers. As the home buyer tax credits brought close to 1 million additional buyers into the market which stabilized home prices more quickly and has preserved about $900 billion in home equity.

Which brings me nicely onto Home Equity news for the region from NAR!

Well, NAR has published its most current report on the wealth of current homeowners and how it changed as a result of home ownership.

The report creates a snapshot of the equity individuals who purchased a home at the median price 5, 10, 15, and 20 years ago would have built up if they had kept that home through 2009.

Interestingly for the US as a whole, the typical net worth of a renter is around $4,200 whereas the typical net worth of a homeowner is $205,200.

Locally here in the Chicago-Naperville-Joliet, IL statistical area  in 2009 if a purchaser had bought a home 20 years ago they would have equity of $133,645, if 15 years ago $96,268 and if 10 years ago $62,160. Homeownership in our region is the way to go!

Click here to see the full PDF report

Whether you are a first time buyer trying to determine how much you can afford, or an experienced buyer who is selling your current property and ready to buy your next home I can help you with all your real estate needs in the Chicagoland Northwest Suburbs Area.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Bartlett IL, Schaumburg IL and the Hoffman Estates using our complimentary MLS Search service. You can also view our fantastic range of featured properties!

Alternatively please contact me today if you need more specific assistance in your real estate needs. You can call the office on: 847-874-6731 or Cell phone on: 847-913-2606 or of course email me at: Joe@JoeStacy.com

My expertise, experience and dedication to you and your specific needs are anything but average – it’s why this office is number one in the Northwest Suburbs year after year!

Joe Stacy
2570 W. Schaumburg Rd
Schaumburg, IL 60194