The Chicago market is still going strong this year, but one big factor has been a challenge across the Chicago area.
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What's been happening in the Chicago market this spring?
The first quarter was a great one with strong sales and prices. In fact, it was the strongest first quarter since 2006.
Interest rates went up very slightly as expected and they're expected to rise twice this year. We think that we'll definitely see at least one rate hike, and possible a second depending on home sales and things like job reports.
The big factor in our market—and all markets throughout the country—is a shortage of homes for sale. Here in Chicago through the month of March, inventory is actually down 13% compared to this time last year. Many people are holding off on selling their house because they've got a great interest rate on their mortgage and don't see a big benefit in moving.
We also know that only 13% of the first quarter home sales were distressed sales, whereas last year distressed sales made up 22% of sales. That figure has dropped each year since the financial crisis hit, making it harder and harder to find those kinds of deals like foreclosed homes.
If you need to sell your house, now is an outstanding time. Just give us a call or send us an email soon, we'd love to help you!
The first quarter was a great one with strong sales and prices. In fact, it was the strongest first quarter since 2006.
Interest rates went up very slightly as expected and they're expected to rise twice this year. We think that we'll definitely see at least one rate hike, and possible a second depending on home sales and things like job reports.
The first quarter was a great one with strong sales and prices.
We also know that only 13% of the first quarter home sales were distressed sales, whereas last year distressed sales made up 22% of sales. That figure has dropped each year since the financial crisis hit, making it harder and harder to find those kinds of deals like foreclosed homes.
If you need to sell your house, now is an outstanding time. Just give us a call or send us an email soon, we'd love to help you!
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