What Did We See in Chicagoland Real Estate in 2014?

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Hello everyone and Happy Holidays! We hope you enjoy your time with your family this holiday season!

We want to thank you for helping us have our best year ever! We're going into our fifteenth year in the business and the ML Group was able to make 2014 the best one yet! A few weeks ago, we had our client appreciation party, which was geared toward past clients who have little kids. THANK YOU to all those who attended and donated coats. We really appreciate it!

Now, time to get down to business. Today, we'll be taking a look back at what we saw in 2014 and what we can expect in the new year. 

In Illinois, home prices went up 3.6%, which is more in line with the averages before the boom and bust. While that number isn't as high as California, Texas, or Florida, it's a good sign for our market. Unfortunately, prices for luxury homes ($750,000+) in Illinois were negatively affected, despite rising in most other parts of the country. Nationally, the value of homes in every price bracket rose, except for homes under $100,000. Homes over $1 million rose in value by 16.2%!

One thing everyone agrees on is how great of year it was for mortgage rates! We saw historic lows in 2014, but rates are on the rise. According to predictions by Fannie Mae, Freddie Mac, the Mortgage Brokers Association, and the National Association of Realtors, rates are expected to rise each quarter next year. The National Association of Realtors even predicts that, over the course of 2015, rates will rise an entire percentage point!

If you're thinking of selling, this may not come as great news to you. The number of people who can qualify for your home decreases as rates increase. If you're thinking of buying a home, the amount of home you can qualify for goes down as rates increase. What does all of this mean? Well, the market is going to get tougher and tougher during 2015, as rising rates will negatively affect both buyers and sellers. If you want to make your move in a favorable market, the sooner, the better! 

It's not all bad news in today's blog! The show House Hunters from HGTV have contacted me to be on an episode - the only problem is I need a buyer! If you're looking to buy a home and want to be on HGTV's House Hunters, GIVE ME A CALL. You need to be willing to be taped for five days before you buy and three days after you buy. So, if you or someone you know is a House Hunters fan and you want to be on the show, give me a call and I'll see what I can do to get you on House Hunters with us here in 2015!

Make it a great holiday season everyone! We'll see you next year!