What Does the Northwest Chicago Housing Market Look Like?
Today, I want to give you a quick market update for Northwest Chicago real estate.
Right now, there’s a lot of inventory coming in, but there’s also a lot quickly going under contract. We’re definitely in a seller’s market! This appears to be encompassing several different neighborhoods.
As a result, I’m experiencing multiple offer situations with my buyers in all sorts of price ranges. Buyers with low offers are not likely to be accepted in today’s hot market. Buyers need to amp up their offers to be as attractive as possible to survive in a bidding war. This means offering at least the listing price, if not more.
On the listing side, many properties enter contract status in 24 days. In some cases, the days on the market has been 15 or less. For instance, one of my listings sold in six days recently. Conditions considerably favor sellers, and it’s an extremely opportune time to list.
If you’re thinking about buying or selling a home in the surrounding area, reach out. I’m available by phone or email to answer your questions about this topic or more!