The real estate market in 2013 brought about a trend of increased home values and a decrease in negative equity for most cities across the US. In Naperville, a city that is often a positive exception to most happenings across our nation, shares positive trends in the housing market as well. In 2012, the average selling price of a home in Naperville was $413,909. In 2013, the average selling price increased to $439,079 – a 6% increase over 2012. In 2014, the overall housing market is expected to be an encouraging year.
According to Zillow.com, four housing predictions for 2014 are:
-Values will increase by 3 percent
-Mortgage rates will reach 5 percent
-It will be easier for borrowers to get a mortgage
-Homeownership will fall to the lowest point in two decades
These predictions indicate that values will continue to increase, mortgage rates will no longer be bottom barrel hence a sturdier system, and although homeownership may reach a low point, this also indicates that investment properties and rentals could increase.
For Naperville, 2013 was a year filled with nationwide recognition. Naperville was ranked the #1 city for early retirement, Naperville library was ranked #1 in the nation, area high schools were ranked among the best high schools by U.S. News, and the increase in home values are an above average increase over the rest of the nation. For Naperville, 2014 is a promising year.
Dan Firks specializes in residential real estate for Chicago’s western suburbs. As a Naperville resident and Realtor, he has been named a “5-Star Real Estate Agent” by Chicago Magazine, Zillow, and is the #1 Real Estate Broker at RE/Max of Naperville. Have a questions about real estate? Contact Dan at 630.637.9009 or firstname.lastname@example.org. To view homes in Naperville go to www.NapervilleIllinoisHomes.com