Best Time To Buy and Sell a Home in Chicago

Best Time to Buy and Sell a Home in Chicago

Gustan Cho Associates are mortgage brokers licensed in 48 states

This guide covers the best time to buy and sell a home in Chicago. Julie is Edge Realty, LLC’s president and managing real estate broker. 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 in which they represent home buyers and sellers.

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 remember 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 the year.

Chicago and Surrounding Suburbs

Chicago And Surrounding Suburbs

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 a home in Chicago. The real estate professionals at Edge Realty, LLC, are experts in the Chicagoland Area, including the 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 Illinois. Julie Hayward believes that knowledge is key to being a top sales professional.  The article 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.

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Hiring an Experienced Real Estate Agent in Chicago

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Hiring an experienced real estate agent in Chicago is crucial for purchasing and listing transactions. Here is some of the expertise Julie Hayward has. Julie Hayward has over ten years of experience as a full-time realtor. Julie Hayward has 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 the Law Offices of Chad Hayward. Hayward Law Firm has dozens of locations throughout Chicago, Cook County, Lake County, Will County, McHenry County, Du Page County, and Kane County.

Hayward Law Offices is a full-service law firm emphasizing 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 representing home buyers with prior bankruptcies and foreclosures,

What Motivated Julie Hayward To Get Into Chicago Real Estate and How Her Motivation Changed Throughout The Years

Julie is unique and stands out from any other realtor in the nation. Home buyers and sellers and many other realtors, loan officers, and bankruptcy attorneys often seek her for her expertise in both real estate and lending. Julie Hayward says the following:

I was always interested in the development of communities and historical architecture. Plus, if you’re successful, the financial upside is a great bonus.

More millionaires are made in real estate than any other industry! Julie Hayward found myself utterly fascinated by the complexities of deals that may not otherwise have occurred if it wasn’t for the parties involved.

The Current Chicago Real Estate Market?

Over the last ten 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 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 will continue to progress slowly. This year, the market is expected to grow by 3% (according to Kiplinger). Banks are pushing through the foreclosures held up in legislation or the judicial process, affecting prices.

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How Does Low Housing Inventory Affect Best Time To Buy and Sell a Home in ChicagoLow Chicago Real Estate Inventory And How Does That Affect Best Time To Buy And Sell A Home In Chicago

Supply is also very low throughout Chicago and its surrounding suburbs. 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. Home sellers are delaying putting their homes on the market. Or are you deciding to stay put?

Instead of moving, many homeowners 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 Homebuyers?

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. That depends. 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 higher in the spring.

So you may have more selection during the spring season but may pay more.  If you have a timing issue, such as moving during the summer so kids can start a new school in the fall, spring may be the best time for you. This is because you can move and settle your family before school starts.

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 the 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.

More buyers are in spring and summer because it’s the most convenient time to move.

It seems counter-intuitive since higher demand and higher inventory equals lower prices in other markets but not in the housing market. Housing prices are highest in the high season when the greatest numbers are listed, and more buyers are 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.

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Housing Values in Chicago

Valuations are also higher. Appraisers use comparable properties recently sold in the area to determine the 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 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 Realtor Julie Hayward suggests starting 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 countertop or a side table will 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!

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 can get greater value for a home and simplify the selling process, from marketing through showings to closing. According to a study by the National Association of Realtors, sellers who used an agent sold for 28% more than those who 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, we have better access to homes and more in-depth knowledge of the best financing programs than most homeowners. Lastly, we work for you. We simplify the process by coordinating all showings, knowing which documents are needed, preparing them for you, and using proven, effective negotiating strategies. We can 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

Thank Julie Hayward for writing this article for Gustan Cho Associates on When Is The Best Time To Buy And Sell A Home In Chicago. A lot of this information on when is the best time to buy and sell a home in Chicago is written in Julie’s new upcoming book, which will be released shortly.

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. The above will give a quick update and won’t be as time-intensive or expensive as renovations. Gustan Cho Associates will offer limited amounts of complimentary books Julie Hayward wrote. Contact us if you want to be on the waiting list of those lucky few to get Julie’s new book, Opportunity Knocks.

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