When it comes to selling a home in Chicago, you must pay careful attention to real estate trends. That’s because what’s happening in the real estate market can affect how you approach putting your house on the market. When you are a seller, you really need the guidance of an experienced real estate agent who can help you interpret the latest real estate trends so that you sell your home as fast as possible for the best price you can get.
Two of the biggest real estate trends to watch are the inventory (homes for sale in Chicago) and the median price (what homes are selling for in Chicago). Selling a home in Chicago will be a lot easier when you understand what’s been happening lately.
Here is a line graph for you to check out that charts these two real estate trends over the past several months:
The green line represents the inventory, or homes for sale. As you can see, the inventory was quite high in the fall of 2013, and experienced a dramatic drop from which it has not yet recovered. This means that if you were to put your house up for sale now, you would not have much competition from other sellers for qualified buyers. In a low inventory market, homes don’t generally sit for long.
Now check out the red line, which represents the median price of homes for sale in Chicago. When inventory is lower, prices tend to rise, and when inventory increases, prices drop. Because now is a low inventory period for Chicago real estate, the home prices are as high as they’ve been over the last year. This is good news for you as a seller because it means that you are much more likely receive your asking price, assuming it is set at a fair and competitive level.
In other words, it’s a great time to be selling a home in Chicago. If you have any questions on real estate trends or want to get started on the process of selling your home, please contact me. I’m happy to answer questions and help you in any way I can.