The Chicago condo market continues to heat up, and with the busy spring and summer season on the horizon, those looking to sell their Chicago condos should consider the following:
First, the demand is there. While the Chicago real estate market posted some fairly impressive figures in the cold-weather months despite a particularly harsh, long winter, pent-up demand is expected to further propel activity into the spring and summer.
States the Keeping Current Matters blog: “Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. These buyers are ready, willing and able to buy…and are in the market right now!”
Inventory remains low throughout much of the country, and the Chicago condo market has had its own issues with this. With a limited number of Chicago condos for sale, competition is high among buyers and median prices have risen as a result. Demand will be so high this spring, however, that buyers, sellers and agents alike can rest assured knowing that more home and condo owners are confident in their ability to sell their residences this year, as evidenced by the results of a recent Lending Tree survey.
Also helping matters is the state of the local economy and employment outlook. More tech and start-up companies are flocking to Chicago, and existing ones are hiring as the result of an improving local and national economy. This provides Chicago condo owners with upward mobility and the ability to upgrade their living situations.If you’d like to learn more about Chicago condos for sale in River North, Gold Coast, South Loop, Lincoln Park and more, please contact me today. I’d be more than happy to assist you.