The unseasonably warm temperatures we’ve been experiencing on Chicago’s North Shore aren’t the only thing unseasonably warm. This winter’s housing market is expected to be hot! As a North Shore real estate agent, I can tell you that usually as we approach the holiday season, real estate activity slows way down among buyers and sellers, and picks back up in the spring. Not this year! There are many reasons for this, which I’ll go into below. But, bottom line, now is still a great time to sell!
1. The pandemic pushed everything back. Since most real estate activity was on pause during the spring lock down, spring activity got moved to summer, summer activity got moved to fall, and fall activity got moved to winter. Buyers are still out and eager to buy, which is a great time to list.
2. Buyers are eager. When buyers are eager, you know you’ll get interest in your listing, as long as your price it right, make necessary repairs, and you stage to sell. Buyers are eager to buy now because mortgage rates are at record lows and nobody knows when they will go back up. Also, needs have changed since the pandemic began. Many homeowners/renters are looking for more space, due to working from home, schooling from home, spending more time at home, etc.
3. Inventory is low. Even though there are a slew of eager buyers on the market, the inventory of homes for sale is below average. This means that when you do list, you’ll likely see lots of buyer interest, and you may sell very fast and above asking price, especially if you receive multiple offers. It’s a competitive market for buyers, which puts you in the driver’s seat! Plus, home prices keep going up, so you could end up with a very satisfactory selling price.
4. You want to move. If you want to sell and buy another house that better suits your ever-changing needs, now is a great time for you to move. The same reasons that buyers are out and eager are true for you, too. You can score a great interest rate on your next mortgage. You can find a home that better suits your needs, whether it be a bigger home, a home in a better location, or a smaller, more affordable home. If you want to retire, selling your big home for a great price will set you up well for retirement.
No matter what your reasons are for wanting to sell, as your North Shore real estate agent, I am here to help! Give me a call for help selling and/or buying in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, or other North Shore communities. The North Shore real estate market is hot and many buyers are just waiting for your home to go on the market!