Compared to last year at this time, home sales in Chicago are up 32.2%. According to Chicagonow.com the percentage of homes including condos, townhomes and single family homes going under contract within two weeks of being listed is 41%. Well-priced homes in great locations are not only falling under contract fast, they are often receiving multiple bids and going for slightly more than the asking price.
What happened? Home buyers are suddenly confident, there is a shortage of inventory, and the Chicagoland area is experiencing the best real estate market in five years. Why? The belief is that the worst of the real estate decline is over, and those who have been waiting on the sidelines are coming out in droves to purchase before prices jump, and in order to take advantage of current interest rates.
While there is pent-up home inventory, many would-be sellers do not have their homes on the market. This is because they either don’t want to risk taking a loss, or they have renters in place which they are hesitant to disturb. The current lack of inventory has resulted in a price increase for high quality properties, in good locations. Together with the fact that homeowners have had time to pay down their mortgages, the result is that today might be the best time to sell in the last five years.
For questions on listing or buying a property in your neighborhood, in a desired school district, or near public transportation contact New Urban Property Services today! 312.502.8213.