Is Now a Good Time to Sell a House in Chicago?

Selling your house can be one of the most stressful periods of your life. Between the uncertainty of when you’ll get a buyer and whether you’ll be able to sell your home for a good price, many sellers might be left wondering if now is a good time to sell a house in Chicago. 

There are many factors to consider when assessing whether now is a good time to sell a house. Here’s what you can expect to see in the market right now and what this might mean for you as a seller.

What’s Going On in the Chicago Real Estate Market?

As of late, the Chicago real estate market has been witnessing a short-term slowdown. In Illinois, for example, homes stay on the market for an average of 80 days before selling. Although the difference is minimal, that’s two days longer than the national average of 78 days.

It’s important to note that these numbers are annual percentages. So some months will fare better than others, as we’ll discuss below.

Moreover, the average price of homes in Chicago is just over $275k. Contrast this figure with the national average of more than $404k, and it’s clear that Chicago homes are far more affordable.

However, growing buyer demand can make it hard for potential buyers to find their ideal property. Inventory is low right now, and more buyers are looking for homes. All of these things culminate into prime conditions for sellers. So if you’re considering selling your home in Chicago, now may be a good time to do so. 

While it might take slightly longer for your house to sell compared to the national average, buyers will likely come forward with offers more quickly than they would if market conditions were different. 

Additionally, if you don’t have your house staged or ready for showings, now may not be the best time to list your property, as this could result in poor response rates from potential prospects. 

For sellers who have taken care of these preparation steps beforehand, though, this can actually be beneficial, as buyers may not realize what they’re missing when viewing homes that are staged or prepared for showings.

Why Is Now a Good Time to Sell in Chicago?

The first few months of the year are always the most favorable time to sell. More specifically, the first half of the year is the best time to sell your home. This is largely due to the fact that potential homebuyers have had time to recoup after the busy—and costly—Christmas season.

People start to get back into the buying spirit, so to speak. And as such, home sellers should take advantage of this time and put their houses on the market. If you’re hoping to sell, now is the time to do it!

It’s worth noting that the buying action peaks around April and starts to taper off in May and June. But don’t let that stop you from listing your home. There are still plenty of people looking to buy. And when you factor in the current house market, many prospective consumers are finding it difficult to get property. 

So as a seller, you’ll want to make the most of this admittedly unfortunate situation. It is disheartening that so many people are left scrambling for property right now. However, you can use this to your advantage and attract more house hunters than you normally would.

When to Sell a House in Chicago?

There’s no hard and fast rule about when you should sell your house. If you’re thinking about listing your home, there’s no reason why you shouldn’t list it. But to ensure that you choose the best possible time, let’s examine the housing market in Chicago on a month-by-month basis.

January and February

During the first two months of the year, there are typically more listings than usual. So you might have some stiff competition if you decide to list your house in January or February.

The good news is that these are the months that people start to entertain the idea of house hunting. You might not get a definitive sale, but you’ll at least get your home on the market for people to return to when the time is right for them. And that shouldn’t be too much longer.

The spring months tend to be the most lucrative for sellers, as it’s when buyers really start to get serious about making such a big financial decision. So with that in mind, let’s explore the remaining months to see how they stack up in the real estate market.

March, April, May

If there’s a period of the year that sees the most interest in home buying, this is it. Now more than ever, prospective buyers are stacking the real estate market to find their dream homes.

This period is known as the “Spring Market.” You can rest assured that it’s a dizzying time for buyers and sellers alike. Here, people are usually in a mad rush to buy and sell. So even though competition might be steep, it’s unlikely to impact your selling ability.

What’s more, this has been especially true of Chicago over the past few years. Be sure to strike while the iron’s hot—and it’s definitely hot throughout this three-month period.

June and July

The market is certainly still hot around this time, but it’s just beginning to enter its cooling phase. You shouldn’t have any trouble attracting potential buyers; you just might not have as many as in the previous months.

August, September, October

During these months, the market isn’t quite what it used to be just a few months prior. Families are focusing on wrapping up vacation time and getting their kids back to school. Therefore, real estate isn’t the primary focus.

The number of interested buyers you see will definitely be waning. So selling in August, September, or October isn’t likely to serve you well.

November and December

As you can imagine, families are gearing up for Thanksgiving, Black Friday, and the hectic Christmas shopping season. As such, any interest in real estate is a distant memory. Trying to sell your home—in Chicago or otherwise—during these months is advised against.

Other Reasons to List Your Home

There are times when you might have no choice but to list your home during an “off” season. And it’s understandable if you have to do so. For example, maybe you’re looking to buy another property, and you found a great deal that you can’t pass up. Listing your house, regardless of the time of year, makes sense.

Or maybe you’ve had the same home on the market for more than three months. If you didn’t get any interest during the peak real estate months, listing your home during the off-season could result in an interested party contacting you who is in a similar situation and needs to move quickly.

So as you can see, there might be times when you have no choice but to list your home, even if that means going against the industry norm.

Considerations for Selling in Chicago

Many homeowners think that if their house is in good condition and has been priced fairly, it should sell quickly. But this isn’t always the case. There are many factors that go into determining when it’s a good time to sell your home. 

These include the state of the market, how similar homes have recently sold for, how long you’ve lived in your home, and how well-maintained your property is. 

It might not be a good time to sell your house if you live in an area where there is an excess of homes on the market or where similar homes aren’t selling as quickly. 

If you do think now is a good time to sell your house, it might not be wise to wait too long and miss out on valuable opportunities. On the other hand, if you live in an area where there are few homes on the market or where similar homes are selling quickly, it’s best to get a jump on the action and take advantage of the hot market.

Bottom Line: Sell When the Time Is Right

It is never a bad time to sell a home when the conditions are right. As long as you have an understanding of how market conditions fluctuate throughout the year, you’ll know to list your home when the time is most suitable for selling.

Just remember to take advantage of hot markets when the selling action is at its peak. In doing so, you’re more likely to enjoy favorable results when listing your home in Chicago.

If you need a buyer in a hurry but you’re not getting any appealing leads from potential buyers, we would love to make you an offer! We regularly buy houses in Chicago and lots of other places, so get in touch with us today for a simple, hassle-free selling experience.

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