Here’s what you need to know about Chicago’s housing market.
What’s happening in the Chicago real estate market, and what does it mean for buyers and sellers? Depending on where you get your news, you might think our market is on the verge of a crash. Today I’ll share the latest numbers so that you can make an informed real estate decision.
As I’m sure you’re aware, there’s a lot of uncertainty in the market right now. That being said, prices are up, and it’s all due to our low inventory. The number of homes listed in Chicago is nearly at an all-time low, which is keeping prices high despite rising interest rates.
For prices to fall, inventory would need to rise. However, it doesn’t look like supply will increase anytime soon. Higher interest rates have slowed our market down, so fewer sellers are listing their homes.
“Now could be the perfect time to list your home.”
You may have heard some news about price reductions in our area, but this is only happening to sellers who overpriced their properties. If you work with a great real estate agent who knows how to market your home, you can still get a fantastic deal in this market. In fact, you’ll have less competition now than you would have before. Meanwhile, rents are increasing. Buyers won’t have a place to hide, so now could be the perfect time to list your home.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!