The Stanley Cup is home in Chicago again and with it comes the busiest 3 months of the year for real estate in our beautiful city!! Summer in Chicago is all about the balance between work and play and while this tends to be an extremely active time for both buyers and sellers it’s important you make it a point to enjoy being downtown as much as possible to take advantage of this great weather!
The summer outdoor festival schedule for Chicago has been set and is available at the bottom of this newsletter. Make sure to check out as many as possible as they offer some of the most incredible opportunities to experience the history, culture, cuisine, and music of a large cross-section of Chicago neighborhoods.
In the next month, be sure to check out the Randolph Street Market on June 27th-28th, The Michigan Avenue Art Festival July 10th-12th, and Pitchfork Music Festival July 17-19th. Then be sure to go relax after an action packed day with a drink at J. Parker, The Godfrey, the Terrace at Trump, or Tanta- some of the cities best rooftop bars. The possibilities really are endless.
Now that we’ve talked about all the good times to be had in the city this summer, let’s talk about where you’ll be when you’re not out living it up!!
Buyers- your best chance for success lies in setting good expectations for how things will go before you begin looking. In this busy season, well priced listings are consistently selling in a matter of days- if not HOURS- and often for over list price. For most price points, average days on the market in downtown Chicago is well under 30 days so things are moving and moving quickly. We expect to see this trend continue and even INCREASE, mostly due to lack of inventory, through the end of the summer selling season.
Sellers- if you’re considering getting into the game and listing your home this year it’s important you get an accurate evaluation of what your home will actually sell for in today’s market from a reputable agent. Timing is crucial as you want to go on the market when there’s as little competition as possible. We expect to see strong appreciation in most markets through the end of August BUT depending on what happens with interest rates, we could see the market slowing down towards the end of the year like last year so the summer months are your most opportune time to list.
Rentals- Landlords need to get their units on the market ASAP in top condition to ensure top dollar pricing. The market has shifted slightly and there is more competition between landlords for top dollar rents which means aesthetic upgrades and good property maintenance are more important than ever. Tenants should really strongly consider buying before committing to another year of renting as rising interest rates and price points will quickly make home ownership much less affordable in the coming years. If renting still ends up being the best option for you the best leverage you have is to move quickly. The best units do go fast so keep that checkbook with you when you’re out on showings with your agent and don’t hesitate on a good find.
As the Stanley Cup returns to our city, the energy in Chicago is undeniable and there’s so much to do with all this great weather around the corner so get out there and enjoy it all. Remember though, this is also the busy season for real estate and in order to stay ahead of the curve and maximize your leverage it’s important to keep on top of what’s happening out there. It’s never too early to start learning about what your options are so don’t wait!
If you want to know how the latest news and real estate trends affect your personal situation or you just want a great recommendation for something fun to do or a great restaurant to try this summer give me a call today!