The Spring Real Estate Market
Spring is finally approaching here in Chicago (get outside and enjoy this weather!), and the housing market is also heating up. Potential buyers are coming out of hibernation – literally and figuratively – and despite the uptick in rates this week we’re generally seeing interest rates decline, however, inventory is still low. After the incredibly low interest rates we saw during 2020-2021 many homeowners are reluctant to list their homes. They have amazing rates locked in and if they are happy with their home many don’t see a reason to move. The combination of low supply and dropping interest rates is the recipe for a pretty competitive season.
So how does a buyer prepare for a potentially competitive market? Get pre-approved! Be ready to be the first through the door and if you like what you see, be ready to write a competitive offer. Come prepared!
On the flip side if you’re a potential seller debating whether to list your home – now is the time! With lower supply and the potential to receive multiples it is a great time to list your home. However, don’t let this market dissuade you into thinking you don’t need to make an effort to market your home in the best light. A competitive market doesn’t mean buyers are desperate or will buy just anything. You still want your home to shine bright – so declutter, deep clean, fix any maintenance issues and consider staging. Check out our home selling tips here!
We’re seeing exciting things happening in the Chicago real estate market, and while the rates may yo-yo up and down a bit this first half of the year we do see them trending lower overall. Focus on the rate you can lock in and on the home you want. We also recommend considering different loan structures aside from the 30 year fixed. Talk to your lender to learn more about adjustable arms and keep in mind you can always pay down your loans quicker and / or refinance down the line.
We’re here to help. Contact us with any of your Chicago real estate needs, we’re happy to assist you on your Chicago home buying journey, making the process a smooth (and fun!) one from start to finish.