Chicago Real Estate Market Update – May 2015
The Chicago market saw a slight rise in interest rates recently but good terms are still available. This rise plus the intense lack of inventory continues to drive strong price appreciation in most Chicago neighborhoods. Look for this trend to accelerate as the summer months hit and the busiest months for real estate settle in.
You should have been prepping your homes for sale last month (you’d have known that if you actually listened to my April advice), but if you didn’t, don’t worry too much; there’s still time. Get those aesthetic upgrades and improvements done, as well as any deferred maintenance, to demand the best price and put your best foot forward with the sale of your home. Now more than ever, the guidance and experience of a good Realtor is crucial to your success.
The earlier you get out, the less competition you’ll see. As summer arrives, there will be more buyers entering the market than sellers, which means the current “seller’s market” conditions will only get worse. Prices are rapidly rising in some neighborhoods and waiting for the “perfect” place is actually costing you money, so make a realistic game plan and stick to it in order to maximize profits.
Landlords / Tenants
Landlords need to be get their homes prepped and ready for the market right now – if not yesterday – in order to stay ahead of the curve. There is more competition than there has been in years with so many new rental units hitting the market, so you need to separate yourself from the pack to get top dollars.
Tenants – get out there, look now, and do so as efficiently as you can. If you plan to take more than 2 days to find a place and sign a lease, it’s likely that your top choices will be gone by the time you’re ready to make a decision. Setting good expectations up front is crucial.
Opportunities continue to exist on both sides of the aisle, but it’s becoming more crucial that buyers and sellers hook up with an experienced and knowledgeable agent who understands how to leverage themselves in the current market we’re experiencing. With multiple offer situations, rules that change daily, and a myriad of other issues, there are a lot of potential problems. Having someone by your side who knows how to navigate the murky waters of the Chicago real estate market can easily mean the difference between success and failure.
If you’d like to know how the specifics of today’s Chicago real estate market affect you, I’d love to speak at your convenience – get in touch today!