This Article On Best Time To Buy And Sell A Home In Chicago For Home Buyers Was UPDATED On April 25th, 2019
This Article On Best Time To Buy And Sell A Home In Chicago was written by Julie Hayward:
- Julie is the President and managing real estate broker of Edge Realty, LLC
- Edge Realty is one of the fastest growing real estate companies in Chicago and its surrounding suburbs
- One of the greatest factors in choosing the right real estate agent and company is that they need to know the area they represent their home buyers and sellers
Chicago And Surrounding Suburbs
The real estate professionals of Edge Realty, LLC are experts in the following areas:
Chicagoland Area: Suburbs of Chicago and its six counties:
- Cook County
- Lake County
- Will County
- Du Page County
- Mc Henry County
- Kane County
Julie’s extensive experience in real estate makes her one of the top producing real estate agents in the state of Illinois. Julie Hayward believes in order to be a top sales professional, knowledge is king. This article on When Is The Best Time To Buy And Sell A Home In Chicago was written by Julie Hayward due to popular demand by our borrowers. Julie is a consultant to loan officers at Gustan Cho Associates.
Here is some of the expertise Julie Hayward has:
- Over 10 plus years experience as a full-time realtor
- Extensive legal experience in all areas of real estate law due to working with her prominent Chicago Attorney Chad Hayward
- Chad Hayward, owner and managing partner of Law Offices Of Chad Hayward
- Hayward Law Firm has dozens of locations throughout Chicago, Cook County, Lake County, Will County, Mc Henry County, Du Page County, and Kane County
- It is a full-service law firm with a strong emphasis on real estate law and bankruptcy law
Due to being Chad Hayward’s business partner at Chad’s law firm, Julie has extensive experience in bankruptcies, foreclosures, deed in lieu of foreclosures, and short sales.
- Due to her countless years of experience in work representing home buyers with prior bankruptcies and foreclosures, Julie is unique and stands out from any other realtors in the nation
- She is often sought after not just from home buyers and sellers, but from many other realtors, loan officers, and real estate and bankruptcy attorneys for her expertise in both real estate and lending
Julie shares insights into the current market demystifies the best time of year to buy or sell a home, and gives some simple tips to increase curb appeal. Here are Julie Hayward’s opinions and thoughts on Frequently Ask Questions On When Is The Best Time To Buy And A Home In Chicago:
What Motivated Julie Hayward To Get Into Chicago Real Estate—And How Her Motivation Changed Throughout The Years
I was always interested in the development of communities as well as historical architecture.
- I found myself utterly fascinated by the complexities of deals that may not otherwise have occurred if it wasn’t for the parties involved
- Plus, if you’re successful, the financial upside is a great bonus
- More millionaires are made in real estate than any other industry!
What Is Julie’s Thoughts On The Current Chicago Real Estate Market?
Over the last 10 years, the market has changed significantly.
- We experienced the housing bubble, where prices and growth were some of the highest we’ve ever seen
- In 2004, 69% of Americans were homeowners, a percentage that represented an all-time high in ownership
- But because of irrational exuberance (the term Warren Buffet coined for the practice of offering irrationally low-interest rates at high levels of approval for those with low credit scores and lax lending standards), nearly 1 million of those American homeowners went into foreclosure
Home Prices Stabilizing In Chicago Housing Markets
Now we are in the process of returning to pre-recession prices.
- Last year the real estate market grew by 4%–some markets more than others
- Overall, home prices rose in 236 out of 276 markets, but growth is going to continue to be a slow progression
- This year the market is expected to grow by 3% (according to Kiplinger)
- Banks are now pushing through the foreclosures that were held up in legislation or the judicial process, and that has had an effect on prices
Low Chicago Real Estate Inventory And How Does That Affect Best Time To Buy And Sell A Home In Chicago
Supply is also very low.
- This low supply results from a couple of factors
- First, there is a lack of new construction
- Second, some would-be sellers don’t have enough equity in their homes and are delaying putting them on the market—or are deciding to stay put. Instead of moving, they are remodeling because it’s a less-expensive option for them
- There is good news, too:
- Millennials are getting ready to become first-time homeowners, unemployment numbers are down, and lenders are expected to ease some credit standards for GSE-eligible and government loans
- We are also starting to see a rise in new construction
- All of these factors combined will help the market grow
When Is The Best Time To Buy For Chicago First Time Home Buyers?
When Is The Best Time To Buy And Sell A Home In Chicago? Julie answers this question on when is the best time to buy.
- While most people think spring is the best time to buy, it is actually the busiest time
- More houses come on the market in spring, and buyers ramp up around mid-May
- Inventory peaks in July
- But, because of the cycle and the number of buyers on the market, prices are also higher in the spring
- So you may have more of a selection during the spring season, but you may end up paying more
- If you have a timing issue, such as moving during the summer so kids can start a new school in the fall, then spring may be the best time for you
- This is because you can move and get your family settled before school starts
- If you’re looking for a real deal and you have no timing constraints, you may want to consider looking in the winter
- Prices are lower but keep in mind that there is also less inventory
- That low inventory can increase the time you spend looking for a home, but it only takes one house to be the right house for you
- That magic moment can come at any time of year
When Is The Best Time To Sell?
When Is The Best Time To Buy And Sell A Home In Chicago? Julie answers this question on when is the best time to sell.
We just finished talking through timing for buyers.
- The situation is the reverse for sellers
- Inventory is higher in the spring in the Midwest
- But so is the demand since there are more buyers
- There are more buyers in spring and summer because it’s the most convenient time to move
- It seems counter intuitive, since in other markets higher demand and higher inventory equals lower prices, but not in the housing market
- Housing prices are highest in high season when the greatest number are listed and there are more buyers on the market
- It’s like shopping for decorations during the holidays: prices are higher but more people are also buying
- Fewer people buy decorations after the holidays
- If you do, you get a great deal
Valuations are also higher.
- Appraisers use comparable properties that recently sold in the area to determine value
- The houses they use as comparable sales have just sold during the high season
- So those prices are higher than at other times of year
- If the most recent data available is during the winter, the homes will sell for less and the value will be less
- However, if you need to sell in the winter, inventory nationally is only about 25% less in December than it is in July
- But even a home in a hot area can create a bidding war in the middle of winter
- So you have to calculate what’s right for you and what best matches your goals as a buyer or seller
What Are Some Easy And Inexpensive Ways To Get Your Home Ready To Sell?
A clean home makes for great photos and strong buyer appeal.
Here are some tips that Realtor Julie Hayward suggests:
- Start by cleaning and decluttering the space
- Clear countertops and dressers
- Remove furniture from rooms to make them appear more spacious
- Clean your windows to let in more light, and replace light bulbs
- Also, depersonalize and limit picture frames to one or two
- The potential buyer has to be able to envision living in the space, which is hard to do if your wall is covered in family photos
- He or she will feel like more of an intruder rather than getting excited about the space.
- Flowers add an elegant touch
- Fresh flowers on the kitchen counter top or on a side table will also make the room smell good.
- You might consider planting flowers outside and cutting the lawn on an angle to add charm and curb appeal
- If buyers love the outside, they will want to see the inside
- Yellow also sells, so if you can, add a pop of color with yellow flowers!
- If your home could use some updating but you don’t want to break the bank, consider painting rooms, putting new hardware on kitchen and bathroom drawers or cabinets, and changing out a light fixture
- You’ll want to keep your color palette neutral
- Bold colors can turn off potential buyers; buyers may get stuck on whether the colors match their existing décor or furniture
- All of the above will give a quick update and won’t be as time-intensive or expensive as renovations
When Is The Best Time To Buy And Sell A Home In Chicago And Should I Use A Realtor?
When Is The Best Time To Buy And Sell A Home and should I use a real estate agent?
- Simply put, we’re able to get greater value for a home and simplify the process of selling it, from marketing through showings through closing
- According to a study done by the National Association of Realtors, sellers that used an agent sold for 28% more than those that didn’t
- Part of the reason is those homes were appropriately priced, nicely staged, and marketed well. We agents are trained in those areas
- Since we practice those activities daily, we are more skilled than the average homeowner who may only sell a few homes during their lifetime
- We also provide clients with the most current market information, which allows us to get the highest value per square foot and make a strong offer
- Since we have relationships with other agents and lenders, this provides us with better access to homes and more in-depth knowledge on the best financing programs than most homeowners
Lastly, we work for you. We simplify the process, since we coordinate all showings, know which documents are needed and prepare them for you, as well as use proven, effective negotiating strategies. We are able to get you the best deal on an existing or new home and save you time and money in the long run.
About The Author: Julie Hayward
Like to thank Julie Hayward for writing this article on When Is The Best Time To Buy And Sell A Home In Chicago for Gustan Cho Associates. A lot of this information on When Is The Best Time To Buy And Sell A Home In Chicago is written on Julie’s new upcoming book that will be released shortly. Gustan Cho Associates will be offering limited amounts of complimentary books written by Julie Hayward. Contact us if you want to be on the waiting list of those lucky few to get Julie’s new book, Opportunity Knocks.