As we move into Autumn, the Chicago Real Estate Market still has a lot of great homes to offer. We’ve stepped up our game with two brand new market reports. In addition to our City and North Shore reports, you can now download market reports for the Northwest and Western suburbs. Check out our market reports to spot the latest trends in Chicago’s top neighborhoods and suburbs.
Housing inventory is finally picking up in many Chicagoland Neighborhoods and Suburbs. If you’ve been having a hard time finding the right home to purchase, this is a great time to take a second look. We saw a lot of new homes come on the market in the last month. The numbers for May are looking great!
We are still not seeing a big surge in new listings or sales as we make our way into the springtime months. Housing activity around the country is generally lagging compared to last year at this time. Lower affordability due to higher mortgage rates and increasing prices could be the culprit for a slower start in 2018. It could also be that some locales have had unseasonably cold weather, holding some people back from listing or buying. Let’s look at how the local market is doing.
Last year was terrible for buyers, with slim pickings to choose from and multiple bids on any good homes. Well, it’s looking worse this year.
Data has come in for the beginning of 2018 that foreshadows the remaining Spring Market. Inventory is now at an all time low, with the lowest amount of homes in the MLS in at least a decade. Single family homes have the least amount of inventory, as new listings are down about about 22% from last year.
Why? Appreciation in Chicago home values lags behind the rest of the country. Sellers that want to sell don’t have enough equity to sell (they are underwater). Sellers also fear that they will have the same problems finding a new home if they decide to wade into the buying pool. Builders are not building anything near what demand is, and they are building rentals and ultra luxury homes- not affordable homes.
What can you do if you are a buyer? Make sure your agent knows what you want, and see it quick if you can. Days of seeing tons of homes are over. Don’t waste time with properties that don’t meet your needs. I’ll sit down with you and help focus your search applying my experience of almost 20 years of helping buyers in city and burbs.
Have your finances lined up since the offer process will move quick…I handle financing for my buyers so they have an advantage. I can look listing agent in the eye and say I personally approved your credit and its bona fide.This is much more powerful than just a piece of paper that says loan approval on it- I am declaring your offer as super legit and letting them know the deal will get done with me at the helm.
Another tip is writing a personal letter to the seller telling them how the property is perfect for you and your family. This is a throwback to when buyers met sellers in the backyard before offers were made. Gives sellers a comfy feeling…This works!
Finally, list agents want deals to go through. That means they want an experienced buyer agent to get the deal to closing quickly. I have dealt with all the top brokerages and bring a lot to the table- loan officer, real estate broker and attorney- so I have a strong rapport with the top list agents and a certified track record of getting deals done. In multiple bid situation, they will want to deal with me and my clients.
Sauganash is a neighborhood on Chicago’s northwest side. The Sauganash neighborhood is bordered by Interstate 94 (The Edens Expressway) to the west, Bryn Mawr Avenue and LaBaugh Woods to the south, Rogers Avenue and Pulaski Road to the east, and Devon Avenue to the north.
The Latest Market Report is out. There have definitely been some surprises in the last month.
As we’ve seen so far this year, in many neighborhoods, the supply of homes for sale is tightening up. It is more important than ever to have a good agent who can help you make the best decision and make it quickly. Homes that are on the market are going fast! [Read more…]