As COVID-19 continues to impact our local economies, we certainly see impact on the real estate market as well. Locally, we are seeing housing prices continue to grow relative to last year, and continued equity growth due to price appreciation and principal payments in the last 3 years. The warmer weather that comes with Spring amplifies this sellers’ market, as buyer demand intensifies.
We are seeing that the value of homes in our area is steadily increasing and is predicted to only increase further in the coming year. As families continue to adapt to the “new normal”, interest in buying a home is ramping up again, offering competitive opportunities for sellers.
There’s also higher demand for communities with “downtowns” along the commuter train lines. A few towns have been “late to the party”, especially in the luxury real estate category. An example of this is Oak Brook – though we are starting to see this community take an upward trajectory. Our team recently listed and quickly sold one of the only properties to sell over $2M in the last two years. We also represented a buyer client on another that will close soon. We have a third Oak Brook property coming soon that we believe will be well-received at $2.5M.
Compass recently shared exciting local data about the real estate market in the Chicago area, and I find it very encouraging. As of February 2021:
- Overall number of homes sold = 8,049 (up 13.3% from 2020)
- Median sales price for all homes = $255,000 (up 13.4% from 2020)
- Average days on market = 80 (down 25.2% from 2020)
- New listings on market = 13,373 (down 28.8% from 2020)
What Does This Mean for You as a Seller?
With the continued increase in buyer demand, it’s important for sellers to recognize that homes can sell at record-setting paces. While this is generally great news for sellers, such quick turnarounds require proper planning and execution. On the other side, this current real estate climate can make it challenging for buyers, as they are often faced with competitive bidding wars and compressed timelines.
If you are considering selling your home, keep in mind that it could sell very quickly. It’s important that you partner with an experienced agent who can help navigate this unique situation and ensure you have the optimal selling process. The team at Mike McCurry Group is ready and excited to partner with you on your journey to selling your home. With proprietary tools and technology through Compass, we can prepare your home for an attractive and efficient sale.
While the concept of low inventory might be attractive to a seller, it can also be a concern once that seller becomes a buyer. In this market, it might be difficult to find a property or to get an offer accepted that is subject to a home contingency. Potential solution? Don’t wait to buy until you’ve sold. Normally we would not recommend bridge loan products to sellers, especially if they have a low risk tolerance. But, this might be the very market to consider purchasing a home before selling. Contact Mike to get more information about Compass’ unique Bridge Loan Services offering.
--
If you’re ready to take advantage of this high buyer demand, contact us for a complimentary consultation. We are happy to meet virtually or in-person, whatever makes you the most comfortable. To learn more, or schedule your consultation today.