Chicago Market Analysis: May-August

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Chicago real estate market has experienced historic numbers this summer, so it’s no surprise that listing prices and sales figures have risen. In comparison to last year, the median sale price in the Lincoln Park, West Loop, and Lakeview neighborhoods have all increased 6% or more. For sellers, May-August in the Windy City has been quite fortuitous almost across the board.

Entering the summer market, the buzz around the city was that inventory was low. However, in all these areas the numbers tell a different story. All five neighborhoods included in this study (Lakeview, Lincoln Park, West Loop, Bucktown, and Downtown) saw 6.8% or more in new listings than the same time last year! Downtown leading the way with a 13.6% increase. While these figures are great for prospective buyers, it’s important to consult an agent and exam the stats of your area if you are a seller. Overflow of inventory does have the potential to affect median sales figures. The analysis of Downtown is an example of how a larger number of listings could possibly decrease sale prices. 

Overall, this summer market 2017 was strong with very limited stagnation that allowed prices to stay steady and/or increase in the majority of areas. As real estate professionals, we daily see how the market ebbs and flows, which makes us an excellent resource to our clients. If you’re considering selling your home or would like to learn more about the status of your neighborhood market and home value, please contact The Dowell Group today for a free comparative market analysis!

Preparing to Sell

Selling your home doesn’t just mean hiring a realtor to stick a sign out front. There are a lot of preparations you should make to ensure you get the best offer possible in the shortest time.
Repair. Just because you’ve gotten used to the cracks in the walls and the rattles in the radiators doesn’t mean a buyer will too. If you have hardwood floors that need refinishing, be sure to get it done—hardwood is a huge selling point. Buyers like to snoop around, so be sure to fix any sticky doors or drawers as well. Finally, don’t forget to address any issues with the exterior—fences, shingles, sidewalks, etc. After all, without curb appeal, some buyers may never get to see the inside.
Neutralize. You want buyers to see themselves in your home. If your living room has lime green shag, wood-paneled walls, and all your collectibles and personal photographs, this will be much harder for them to do. Try replacing any bold color choices in your floors and walls with something more neutral—beiges, tans, and whites. Repainting and reflooring will make everything look fresh and new, and help prospective buyers imagine all the possibilities.
Stage. Once your house is clean and updated, it’s time to play dress up. Home stagers can add small details and décor touches that will bring out the possibilities in the various spaces in your home: lamps, mirrors, throw rugs and pillows, flowers, decorative soaps and towels, patio furniture. Home staging can be particularly useful if your home is especially old or if the exterior looks dated. Think of it as a little mascara and rouge—if it’s done right, you notice the beauty, not the makeup.