Chicago Real Estate Market
The Chicago real estate market is on fire as sales throughout the Chicago area remain strong. Our latest Housing Trends Report show sales are closing quickly, at or near the full listing price. As a home buyer, buying in Chicago right now may mean paying a bit more than you would have just a year ago. However, it is still advisable to buy now rather than risk paying higher prices later, as homebuyers and sellers are in agreement over current home prices.
Is it a Buyer's or Seller's Market?
For buyers in the Chicago area, you are likely to find a home with a price that suits you. While home prices are higher than previous years, data shows that buyers and sellers are in agreement over listing price. As mortgage interest rates remain low, it is beneficial for buyers to start the house hunting and approval process now.
For sellers in the Chicago area, the numbers for home sales are very positive. Sellers are currently getting higher prices for their homes than they did in past years. Lower inventory means that more home buyers are exposed to your listing, which means it may be easier to sell your home now before inventory numbers rise.
How to Increase Your Chances
It is critical that you work with a Chicago real estate agent who is familiar with the market, and can help you navigate the buying or selling process.
For buyers, working with a local Chicago real estate agent can help you find the perfect home, in a price and area that meets your needs. By working with an agent, buyers can gain exposure to more home listings in their range, gaining additional options to choose from.
For sellers, a local agent can work with you to ensure your offer is competitive, but not overpriced. An agent will provide many useful tips on pricing your home, as well as advice on the best way to present your home to buyers. Agents will be able to work with you to get increased exposure to your listing. In addition, agents can help you plan open houses, and walk you through any difficult paperwork, answering questions along the way.
Choosing to sell or buy real estate in Chicago now is worthwhile. With a competitive market, and rising home sales – buyers should act fast. Sellers should take the opportunity to list their home for sale while lower inventory brings less competition.