Timing the Chicago real estate market has its hazards. Statistically, the best time to list your Chicago home for sale is during the last two weeks of May. Home buyers are out in force during the spring, and this short-lived sweet spot seems to catch home buyers at peak motivation. On average, Chicago homes sell for about 3% more during this time. But this isn’t a cut-and-dried, predictable expectation. We’ll explain why!
Chicago home buyers are sensitive to the season, to some degree, because of the school year. Summer vacation is a convenient time for families to handle moving and acclimating to a new home. Homes also look their best this time of year, when daylight is near its peak, and lawns are lush and green. When the weather is nice and homes are looking pretty, even the most casual home buyers come out of the woodwork. (Who hasn’t stopped by an Open House a time or two, out of sheer curiosity?)
Still, plenty of home sales take place year-around. For some buyers in certain price ranges and locations, the home search is an ongoing quest, complicated by rising home prices, low inventory and higher mortgage rates. Then, when springtime comes along, they face a sea of competition. With more buyers in the market, chasing a limited number of homes for sale, home prices go up.
But not every spring and summer follow the real estate script. There is a lot of uncertainty right now about the economy. When home buyers see their 401k balances falling, or they become concerned about job security, they may put off their home purchase. Home buying is an emotional process, and each buyer has their own personal threshold for risk.
The Chicago residential real estate market also involves a fair percentage of investors. Will investors be buying homes this spring, or selling their properties, or holding steady?
The tricky thing about real estate is that it’s always changing, with each home sale affecting the value of nearby homes coming to market. This is why timing the market isn’t a sure thing. Your best bet as a Chicago home seller, is to consult with a StartingPoint broker who can show you what’s happening in your local market. By understanding your current home value, and seeing the sales trends in your neighborhood, you can determine the best approach for your home sale. Our pre-sale consultations include expert insights for attacting the highest offers! We offer these consultations free of charge, and there is never any pressure or obligation.
StartingPoint Realty – serving Chicagoland since 2004!
StartingPoint Realty proudly serves home buyers and sellers throughout the entire Chicago area. We offer free home selling seminars, home value analysis, and market consultations!
First-time home seller? No worries. We will walk you through everything. And because we have many qualified buyers among our clients, we often sell homes before they even reach the market!
Ryan Gable Broker/CEO Starting Point Realty
Phone: 847.348.1154
Email: RyanGable@startingpointrealty.com
https://startingpointrealty.com/
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