Get Your Home Ready: The Buyers Are Back in Chicago

The buyers are out in force in the Chicago housing market, according to the latest numbers from the Chicago Association of REALTORS®.

Crain’s Chicago Business recently ran a feature story taking a look at the high number of Chicago single-family homes and condominiums that have gone under contract earlier this year. The important takeaway from the story? The number of homes that went under contract in the city during a recent four-week period is higher than during any other four-week period since the spring of 2007.

As Crain’s reported, 3,141 Chicago homes went under contract during a the four-week period that came to an end on March 25. This figure includes both detached homes and condominiums and townhouses.

The number of homes that wend under contract during this period is 13 percent higher than during the same four-week period in 2016.

Even more importantly, there has been no other four-week stretch since the spring of 2007 that has seen as many housing contracts signed in the city of Chicago. There was one four-week period during the spring that year in which 3,200 homes went under contract.

This is great news for owners hoping to sell their own Chicago condos or single-family homes this year. What the high number of contracts says is that buyers have returned to the city real estate market in full force, and that they are ready to make offers on well-priced homes.

Your best bet is to work with a Chicago REALTOR® who knows your neighborhood. This professional can run an analysis to help you determine the best price at which to list your condo or single-family home. A REALTOR® can also help you stage your city home so that it shows at its best.

And when buyers do put in an offer? A REALTOR® can help you negotiate the best deal.

It’s good to see the Chicago housing market get even busier. If you’re thinking of selling, don’t wait too long. This spring looks to be one of the busiest seasons in recent memory.