If you're thinking of selling or buying real estate in the Chicagoland area, you have probably heard about the very low inventory of available properties to buy. At the moment inventory levels have plunged to new multi-year lows in many areas. There is very little competition for sellers, and there are lots of buyers just waiting for homes to come on the market.
In most Chicago communities inventories are down from 10-30% from this time last year . . . and inventories were low last year at this time.
Often sellers think they should wait until the Spring to put their homes on the market. However, with very little competition, and rising interest rates, the smart move may be to list your home now.
Buyer demand is pretty strong now, likely fueled by the rise in mortgage interest rates that started in October and accelerated in November and December. Rising interest rates, which are forecasted to move even higher this year, create a sense of urgency among buyers.
If you're a soon-to-be seller, you will probably be buying something too, so the affect of rising interest rates will likely impact you too.
We would be happy to help you get your home ready to sell, provide you with a market analysis to determine the best listing price, and put a solid marketing plan together to get you moving. Contact us