The following are some key points from the recent forecast prepared by the University of Illinois for the Illinois Association of Realtors. As always, this continues to be a good time to purchase real estate.

Key Messages in a Changing Market:

-Those looking to buy now have an advantage with a large inventory to choose from and room to negotiate.

-Don’t be scared off by stories about a “credit crunch”. Conventional loans are available at good rates for credit-worth buyers.

-Despite increases in mortgage rates over the past couple of years, rates still remain at historically low levels.

-On average, the value of a home nearly doubles every 10 years.

-Real estate remains the single best investment over the long term providing wealth accumulation, especially for those who keep the home for a typical holding period of 6-10 years.

-The average renter’s net worth is $4,800. The average homeowner’s is $171,000.

-A Realtor can sell your home for up to 16% more than selling it by yourself.

Source: IAR Communications Department. NAR Public AwarenessCampaign research.