We're shifting into the spring market here in Chicago, so I wanted to address some key questions about the market and how to take advantage of it now as a buyer or seller.
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Recently, I've received a lot of questions about the spring real estate market here in Chicago and when the best time to get your home on the market is. If you've been thinking about selling your home, this winter represents a great opportunity. For one, home prices have hit record highs over the past few months—even higher than the peak of the housing bubble in 2006. In spite of this, though, our market isn't experiencing a bubble like we saw 10 years ago. Today's high prices are mostly driven by the lack of supply. That's why you're in such a good position right now if you're looking to sell your house. Secondly, we're seeing periods of high, low, and rising mortgage rates. For example, the average 30-year mortgage has been steadily rising from a low of 3.37% last July to above 4% as of just recently. Historically speaking, rates are still low, but when you combine this with the fact that rates are likely to keep rising in the near future, it's easy to see why buyers are eager to buy a home and take advantage of low rates.
Buyers are coming onto the market to lock in a low rate while they're still historically low.
Thirdly, we've finally made it to the end of the election cycle. Many people were sitting on the sidelines of the real estate market due to the uncertainty of the election. These people have finally returned to the market, and we suspect this will keep demand healthy in the coming months. Spring is already underway in the Chicago market and is the hottest market of the year. You have to get moving now to take advantage of it.
I know the area well and talk to buyers every day, so I have a great feel for the current market.
If you'd like to know more about your home's value in the current market or you have any other questions about how to take advantage of our current market, give me a call or send me an email. I'd be happy to help you!
