Chicago's weather has historically played a role in the health of the local housing market. Better weather has created more desire for buyers to get out and see what's out there - and, by contrast, snowstorms and colder temps have kept buyers indoors and out of sight. This season has been no different.
The Chicago metro area saw 8,122 homes sell in March, up over 5,600 homes sold in February, however down 10 percent from the same period last year, according to a monthly report from the Illinois Association of Realtors. The city of Chicago had a greater dip, of more than 13 percent.
"Continued poor weather into the final days of April will indicate a stalled spring market," says Michael Emery, senior partner, Urban Real Estate. "Chicago remains a city where buyers seek out specific neighborhoods, amenities, and transportation access based on their own professional, investment, or second-home needs.
"Many argue whether or not continued low interest rates may also lead to a less aggressive buying market. "Buyers not threatened by the idea that their money may get them less house in the imminent future can often times be less incentive to get off the fence. In the housing market nothing is certain, however prices will likely continue to go up in more Chicago's desirable neighborhoods, and that impact is amplified where new construction offering smaller units will also cost more," Emery adds.
"If selling is on your mind, have a game plan as to where you would go if you sold. Be ready to prepare a home that is camera-perfect, and priced compellingly, especially in the New Eastside and surrounding areas, and the right offer at the right time will come," notes Emery.
For more on local trends, if now is the right time for you to buy, or to discuss what pricing your home might look like, contact your neighbors at Urban Real Estate for a full consultation at (312) 528-9200, or visit us UrbanRealEstate.com.