Home prices for downtown Chicago increased 25.2% from year ago levels.
Chicago, IL (PRWEB) September 03, 2013
Peoples Home Equity, a lending organization located in Oakbrook, IL is bullish on the Chicago housing market as median home prices have shown a recent surge. In response, the mortgage company encourages all prospective lien holders to get pre-approved for a loan now.
Citing market data from Trulia.com, Peoples Home Equity found that median home prices for the metropolitan area of Chicago increased 25.2% from year ago levels. The May to July period showed a value of just $210,000 in 2012, whereas the price recorded this year was $263,000. This noticeable percentage rise really began just 3 months ago when median home prices were valued at only $200,000. The move from 3 months ago to the most recent period posted is 31.5%. Such a surge in home prices sends a strong message to real-estate lenders like People Home Equity that the housing market is certainly on the road to recovery. In fact, there remains a lot of room for prices to rise since the median value for metro Chicago properties were listed at $329,000 five years ago.
Getting Pre-Approved For A Loan
The rise in prices can be attributed to a tighter inventory of real-state offered. Peoples Home Equity has experienced a surge in mortgage applications as bidders; especially first-time home buyers, compete in a market where many cash buyers remain active. In an effort to thwart the attractiveness of a cash buyer away from sellers, Peoples Home Equity has been encouraging its first-time buyer applicants to get pre-approved for a mortgage now. The pre-approval process is important because it gives the applicant a specific amount to reference in their home search. In addition it gives buyer the ability to act faster than someone who is not pre-approved. Applicants are usually comfortable going through the pre-approval process because it does not require too much paperwork, and a loan estimate can be given with just 24 hours.
For a quick loan estimate please visit PeoplesHomeEquity.com. To speak about getting pre-approved for a mortgage, such as a Jumbo or Harp loan, please contact a loan agent for the company at: 615-872-0220.