Right now, inventory is very low in the Chicago area. There are large numbers of first-time home buyers in the market right now, so homes under $250,000 are few and far between. Combined with the many people who are re-entering the market after a foreclosure or short sale sidelined them years ago, we're looking at a pretty active marketplace.
Typically, the real estate market tends to pick up once mores homes are put on the market in the spring. The market typically stalls around this time, but we're expecting a flurry of homes to be listed in March. We're currently seeing multiple offers on homes that are in good condition and priced right. Overall, it's a pretty competitive market, so if you're selling you need to play to win, and if you're buying you have to act fast!
For starters, if you're looking to buy you need to get a pre-qualification letter. It not only helps you save, but it gives you leverage when negotiating and when trying to lock in a home you love. We've had clients who failed to get pre-qualified and missed out on the home they loved as a result. We don't want that to happen to you!
Give us a call or shoot us an email if you have any questions about how you can make the most of the current market. We look forward to helping you with your particular real estate needs!
