Weekly Chicago Real Estate Update

Mortgage Rates Take a Small Dip

Buyers that are planning to finance their home purchase are feeling a little relief this week. The 30-year fixed-rate dropped from 5.30% a week ago to 5.25% this week, according to Freddie Mac’s weekly Primary Mortgage Survey. The 15-year fixed-rate slid as well, falling to 4.43%, down from 4.48% last week. 

Homes Are Selling at Fastest Pace on Record

Buyers, eager to look in a low mortgage rate before rates go up even farther, are making a mad dash for homes. According to a new Redfin report, the typical home on the market sold in just 15 days during the four-week period ending May 8, the fastest speed since the brokerage began tracking days-on-market data in 2012.

52% of Homes Sold Over List Price in April

More than half of U.S. homes sold above list price in April, up from 45% in March and from 42% a year earlier, according to OJO Labs. The real estate technology platform, which examined MLS data of homes sold in the nation’s top 50 metro areas, found the average house sold for $13,655 over asking price. 

Most Mortgage Borrowers Don’t Compare Rates

Sadly, 56% of recent home buyers admitted they didn’t compare offers from more than one lender before purchasing a home, a new LendingTree survey found. That’s a big misstep, since it pays to shop around: 46% of borrowers that compared offers said the first offer they received was not the lowest rate. 

HOW MUCH IS YOUR HOME WORTH?

According to Realtor.com’s analysis, if typical yearly trends hold true, the median listing price for homes during the May months could be $5,000 higher compared to the median listing price.

If you are interested in getting a free home valuation visit www.SellingInChi.com