Weekly RE-Update: Real Estate Market Update

Heads up fellow Chicagoans because the real estate market is still on the move! According to the popular real estate website Trulia.com, home sales in the Chicago metro are up 33.5% over last month.

What does this mean for you? Well, as with many in the real estate profession, we at The Dorger McCarthy Group were curious to see what the end of the tax credit would bring. Media speculation and economic uneasiness caused many to think the end of the Obama First Time Homebuyer Credit would cause a sharp drop in the number of real estate sales transactions. However, as of May 12th, the Chicago area has shown a continued positive trend.  Additionally, a national survey published on Reuters showed 61% of survey respondents cited low interest rates as the top factor in their decision to purchase real estate rather than the tax credit.

This spells good news for both home buyer as well as sellers!