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Local Market Update: July 2020

State of the Market – What’s happening locally and nationally?

The market is ramping back up after a late start this year. What we are seeing is that markets are recovering quicker in suburban areas. In years past, I’ve seen young families moving out of Chicago and to the suburbs when their first child is entering Kindergarten. I’m now noticing that buyers are coming out from the city much earlier on than they have previously. Now the trend seems to be, “have baby, move to suburbs.”

Our quaint, safe communities with the proximity to downtown Chicago are skyrocketing in popularity, especially among young families, upsizers, and first or second-time homebuyers. What does it mean? Well, with inventory still considerably lower than previous summers on a national level, it’s a great time to sell.

But seller beware: Buyer demand is high…but so are their expectations.

What’s at the top of most homebuyer wishlists these days?

  1. Larger yard
  2. Private home office space
  3. Adequate family/communal gathering space

As more people have been staying home, these three aspects of a home have moved to the forefront of buyers’ minds. If you’re selling, we recommend keeping this in mind as you prepare your home for listing and showings.

What does it all mean for you as a buyer or seller?

In these still-uncertain times, the best thing you can do is partner with an experienced agent with a wealth of knowledge, experience, and tools available. Many real estate brokerages are still figuring out how to safely navigate showings, open houses, and everything else that goes along with selling homes.

Luckily, we’ve got it figured out at Mike McCurry Group of Compass. With proprietary tools and technology through Compass, we can work 100% virtually without skipping a beat.

Compass is dominating in market share growth. In fact, we represent the only brokerage that increased market share year over year.

Compass brokers are the most productive of any brokerage in the MLS. Our organization holds the #1 spot for average units and volume produced by each broker. We produce, on average, a little over a million dollars more than our top competitor and have 42% more units.

So, if you’re ready to take advantage of high buyer demand, contact us for a complimentary consultation. We can do this virtually! To learn more or schedule yours, visit https://themccurrygroup.com/virtual-consultation/

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