Homeowners looking to maximize their return on investment often want to know what season best achieves that goal. Hint in Chicago listings go off like hot cakes in the fall. Getting near or full asking price can be influenced by a wide range of factors, including market trends, inventory and interest rates to name a few.
It will come as good news to know there are strong indicators that this fall has unique listing advantages. That means listing a home this fall could help sellers get the price they want. Be ready for this winter in Chicago, by listing and selling your home in the fall. All of my south side clients looking to sell soon should be ready to pull the trigger!
1: Inventory Remains Very Tight
The rules of supply and demand apply equally to the housing market and there are not enough homes to go around.
The single-family housing shortage has been driven by multiple factors. A large population of Millennials have entered the real estate market at a time when new home construction had been stifled for years. Simply put, the supply of new homes has significantly fallen behind the demand. We know this feeling all too when in Ashburn, Auburn Gresham, South Chicago, South Shore, and more of the South Side Chicago Neighborhoods.
Although builders are starting to ramp up construction, the economic boom continues to position first-time buyers more quickly than the lagging supply. The real estate wild card may be how quickly construction outfits put more homes in play.
Should the building sector pivot to take advantage of higher prices, inventory could loosen in 2019. That makes this fall a prime time to maximize profitability and avoid the risk of improving supply.
2: Fall Looks Like A Seller’s Market
Although summer was once again a popular time to sell, it appears home sales did not satisfy the high demand. With fewer listings available and plenty of active buyers jumping on properties, listing this fall could put sellers in the driver’s seat.
One interesting caveat is a recent study that says buying a home is currently less expensive than renting in 35 percent of American counties. Talk about motivated buyers. By listing a property now, the odds are on the seller’s side that the home will close at a desirable price.
3: Homes Move Quickly
Market data shows that homes are selling at a fast clip across the country. According to a report by realtor.com, the median days on the market rate continues to decline.
From 2012 to 2017, the number of days a home spent on the market declined by nearly one-third in some comparable months. This year, homes are selling at a staggering rate in traditionally high-priced metropolitan markets. According to research, homes in San Jose, California, were only on the market an average of 28.6 days. In Seattle, Washington, homes sold at an average rate of 34.1 days and Nashville, Tennessee, saw a short 40.6 window. While these areas may be considered hot, they show that homes are moving quickly even in high-end areas.
Sellers may find the elixir they are looking for by listing this fall. Economic and market indicators point to a vibrant seller’s market flush with motivated buyers.
If you are thinking about selling a home, investing to flip a home, or wanting to know how to become a homeowner the first time, email me to discuss further [email protected]