What’s happening right now in the Chicagoland real estate market?
In general, inventory is starting to dwindle as people take their homes off the market. They think that this is the right thing to do while the weather is unfavorable and then relist once spring arrives. However, this strategy could really hurt you, and it’s probably not the best approach. Why?
As inventory dwindles, demand increases for the homes still on the market because those homes face less competition. Therefore, if you’re a seller, it’s best to take advantage of the market we have now. Think about it—buyers never stop looking. All the information they need exists at the push of a button inside the cozy confines of their home.
After the election, interest rates jumped up a half a point. In addition to that, the Federal Reserve artificially raised them early in December. These two things could have a negative impact on you whether you’re a buyer or a seller. If you’re looking to do either, take advantage of the opportunities that exist now. Don’t wait for the unknown.
If you have any questions about the market or need advice about the best steps to market your own home, feel free to leave a comment below or send me an email. My team is here for you, and we’d be happy to help.