Chicago Summer Market Trends You Need To Know

Are you curious about Chicago’s summer housing market? As we enter the middle of July, we typically start to experience a slowdown in new activity. Here’s why: a shift is occurring right now. Buyers focused on the school year are probably past the point of getting into the school system if they haven't found a house yet. While those already under contract might still be in play, those still searching are likely to give up by mid-July because the school year is about to start in the next 30 days or so. 

Here are three expert summer market insights to help you understand the current market and how it affects your real estate transactions: 

• Decrease in inventory. Another significant factor in the summer market is the decrease in available homes. Many homes that were on the market unsold are now coming off. This results in even less inventory than we had 30 days ago. Additionally, there isn’t much new inventory coming onto the market to replace these homes. As a result, the overall availability of homes for sale is lower than it has been.

"Understanding the current market conditions will help you make better homebuying or home-selling strategies."

• Opportunities for sellers. Despite the slowdown and reduced inventory, there are still strong opportunities for both buyers and sellers. If you’re looking to sell, the current market conditions can work in your favor. With less inventory available, your home will face less competition, making it easier to attract potential buyers. 

• Opportunities for buyers. On the flip side, if you’re looking to buy, you might find less competition from other buyers. Many prospective buyers have stepped back from the market, possibly waiting until fall or even next year. This means you might have a better chance of securing a property without getting into bidding wars.

For more tailored advice and the latest updates, feel free to contact me at https://calendly.com/sohailgroup/home-seller-consultation. Whether you’re buying or selling, I have years of experience that enables me to give you the best advice and guidance. I look forward to partnering with you!