In much of the country, both new and existing home sales increased in January. This continues a trend first noticed in an extremely busy December, and also signals we are seeing more than just a post-election and World Series bump.
Indeed, Chicago came out of the gates blazing in January, better than any other January in about a decade. Buyers are aware of rising interest rates and are prepared to rush to showings, make decisions and write offers. This has caused prices to rise in year-over-year comparisons, and these higher prices and extremely low inventory in many neighborhoods have really put pressure on buyers.
If you are buying in certain areas like the West Loop or Lincoln Park, you should be aware that competition is fierce. One list agent I spoke to had 14 showings on a Lakeview condo on the first day of the listing. Be ready to schedule showings quickly and write strong offers, with large down payments and offers at or over list price. Real estate is neighborhood to neighborhood and even block to block, so competition may not be as fierce in other areas. Study the report and speak with your buyer agent before setting out on your hunt.
If you are thinking of selling, now is the right time.