If you’re a REALTOR or a buyer you might have noticed the lack of choices in the Chicago real estate market. According to a recent Crain’s Chicago Business article (“For Chicago home shoppers, choices are sparse,” @Dennis_Rodkin) 2016 has shown the lowest home inventory in nine years.
Could this be a good thing? Possibly, if you are a listing broker or are planning to sell your home anytime soon. If it’s a quality home at a sharp price, it looks to be closing rather quickly. On the other hand, if you’re a buyer or a buyer’s broker, it proves to be frustrating. This means constant competition for all active listings.
The article also goes into the face that homes that went under contract at the end of the year were up almost 28 percent from the year earlier. So, to me, this points to buyers having cash on the sidelines and are waiting to jump all over new listings.
Regardless, if you are a buyer or seller, it is extremely important to have a knowledgeable broker on your side. For a seller, it’s important to come into the market with a specific plan to get your home sold quickly and efficiently. For the buyer, it’s imperative that you have a broker that networks and learns of listings before the sit for too long. If you don’t get to that listing the day of, or if possible, the day before it hits the MLS, you lost it.
Where did all the houses go? They are out there, but you need a guide to show you the way.
Your guide is waiting.
-joshua t. novy