The Illinois housing market in 2014 reflected a return to a more normal market with gradual and consistent gains in home prices and sales. With 2015 sales and prices expected to build on that steady momentum, there is optimism for both the housing market and overall economy. Read today’s housing release from the Illinois Association of REALTORS®.
Here are five factors that bode well for the 2015 housing market:
- The economy is growing stronger and consumers are taking note. Consumer confidence in the economy is improving and that could prompt more interest in buying or selling a home by consumers who may have been waiting on a stronger economy to make a move.
- Economists expect 2015 to be another year of steady housing recovery. Different economic issues — state fiscal issues, a slowdown in first-time homebuyers and credit availability — could impact the housing market, but overall, many economists are expecting this year’s market to continue the steady recovery seen in 2014.
- Mortgage interest rates are the lowest they have been in years. Homebuyers can lock in low interest rates that save them money over the life of their mortgage and give them more buying power as they shop for a new home.
- The U.S. and Illinois jobs picture is improving. As the economy grows, there have been solid gains in the labor market and job creation. Illinois added 298,700 private sector jobs between February 2010 and November 2014
- Low gas prices mean more money in consumers’ pockets. It’s been a long time since drivers paid less than $2 a gallon at the gas pump. The decline means consumers have more discretionary money to spend on other goods and services.