We’re in the midst of March Madness and the Spring Real Estate Market. While we can’t help you fill out your bracket, we can help guide you through the busiest time of the year. In the past 24 hours, we’ve seen 165 new homes come on the market in Chicago. 142 homes went under contract. 55 home sales closed. Do you want to watch Zion Williamson play on your 82″ screen from the comforts of your new home? Do you want to sell that condo above the local sports bar and move to a quieter neighborhood? If so, Spring Market is here for you.
March Madness: Buying a Home
The Spring Real Estate market has the highest inventory of any season. What this means for buyers is that you have choices. Often, sellers will wait to list their home until the spring. You could be searching all Winter and just scroll over the same homes over and over again. Then all of the sudden a flood of inventory will come on the market. You’ll want to move fast to see any homes that match your criteria. With more inventory, comes more buyers looking. This means that you’ll have more competition for a home than you would in a slower market. Not sure if Spring is the right time to buy for you, check out this post for a more in depth analysis.
Bracketology: Selling a Home
Sellers will find that their home has a good chance of selling quicker and for a higher price in the Spring Market. The amount of active buyers looking is high and can lead to multiple offers. This can drive the price of the home up and allow the seller bargaining power when it comes to negotiations. It’s important to remember that, even in the Spring Market, only a third of the homes for sales in Chicago actually sell. You’ll still need a proactive agent who is both marketing and prospecting for your home to find the buyer. With the higher amount of inventory, buyers will have more comparisons for your home. You’ll want to ensure that you stage the home to show well.
If you’re still unsure if the Spring Market is right for you, you can contact us. We’ll listen to your concerns and give you guidance based on our 20+ years of experience in the industry.