Spring is one of the busiest seasons for buying and selling homes in Chicago as everyone gets ready for the Chicago Summer Housing Market. This year, the Chicago housing market has not let up, and there are several advantages to putting your house on the market now, some of which may even help you get an offer faster than any other time of the year!
· Tight Inventory/High Demand: According to the National Association of Realtors, home sale inventory is the lowest it’s been since 1982. Resulting in homes currently on the market increasing in price. This high demand can bring more prospective offers, all to drive up the price of your home. According to the National Association of Realtors, on average, a home sold had five offers.
· Interest Rates are at an all-time low! but not for long: The average current rate as of April 29, 2021 is 2.98%, which is still lower than the rates we saw during all of 2019. While rates have fluctuated throughout Spring 2021, economists predict that mortgage rates shouldn’t go higher than 3.5% in 2021. This makes now the perfect time to lock in a low rate for new homebuyers. However, as the COVID-19 vaccine rolls out and employment rates go up rates are likely to increase.
· Sell Your Home While on Vacation: Listing your home in the summer doesn’t have to interfere with your vacation plans. Having a clean, staged apartment, and a reliable agent may allow you to leave your home and let your agent work their magic (just stay close to a phone to discuss the multiple offers). Your agent will have an easier time scheduling showing without interfering with your schedule and can get more showings in as a result. You can get an offer and have a margarita on the beaches of San Tropez at the same time!
· House Shows Better: Additional hours of daylight means your house has more time to look its best. Not only will the natural daylight be more inviting to prospective buyers but also, they can see more of the neighborhood where the property is. Landscaping and flowers will be at their best and your home will also photograph better attracting more buyers.
· It’s Not Winter! House Selling and buying is no fun in the wintertime, especially here in Chicago. The Midwest has been hit hard over the last several years with the 2019 North American Cold Wave where lows hit −30 °F in Chicago or the 2021 North American Winter Storm that brought 21.9 inches of snow throughout the winter. It goes without saying, the Summer would be ideal for all parties involved.
Listing your home in the Summer can not only be easy but possibly get you a higher price for your property. With good timing, planning, and a trustworthy and communicative agent you should be able to achieve your selling goals.
If you’re thinking of listing your home this summer (or anytime) reach out to The Blume Group with any questions or for a free Home Value Consultation HERE