Sales of existing homes slow down in Midwest

Momentum appeared to decrease among home buyers in Illinois according to data from the National Association of Realtors. The Midwest region experienced a 5.0 percent decline in contracts on existing homes in January. A lack of inventory in the region contributed to the drop.

Nationwide, market analysts had predicted a rise of 0.9 percent for home sales in January, but the dip in sales for the Midwest and West offset increases in the North and South. According to the pending home sales index, sales in the West fell by 9.8 percent. A modest rise of 0.4 percent occurred in the South, and the North held steady with a 2.3 percent rise.

Although the numbers produced a decrease of 2.8 percent across the country, the NAR report pointed out that sales remained at a 10-year high despite higher home prices and climbing mortgage rates. The index for January 2017 exceeded the figure for the previous January by 0.4 percent.

Many forces act upon home markets, and a person considering a home purchase should consider factors like regional income, property taxes and pricing trends. When someone decides to buy a home, a consultation with an attorney could provide insights about the details of the purchase agreement. A residential real estate deal will involve reviewing many disclosures about the title and the condition of the property as well as the terms of sale, which include specific obligations for the buyer and seller. An attorney could study the documents and inform the client about possible problems like insufficient disclosures, unpaid taxes or easements. Negotiations led by the attorney might resolve some of the concerns.

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