Home Sellers in Chicago are Finally Making Profits Again
Did you sell your Chicago home last year? The odds are solid that you made a profit when you did.
That’s the news from a recent story in Crain’s Chicago Business, which reported that Chicago-area home sellers made an average profit when selling their homes in 2016 for the first time since 2008.
Relying on numbers from real estate information service Attom, Crain’s reported that sellers in the Chicago area sold their homes last year for an average of 3 percent more than what they originally paid for them. That’s an improvement over the previous seven years, when Chicago-area home sellers averaged a loss on their sales.
Crain’s reported that in 2015, sellers in the Chicago market sold for their residences for an average loss of 6 percent. Back in 2012, that average loss reached its highest point, according to Crain’s, a whopping 27 percent.
The numbers, then, show that the Chicago housing market is improving. They also show that home values in the Chicago area aren’t rising as quickly as they are across the nation as a whole.
According to the Crain’s story, sellers across the nation in 2016 sold their homes for an average of 21 percent more than what they paid for them.
Attom’s numbers show that home sellers in the Chicago area last year sold their residences for an average of $5,000 over what they originally paid for them. That’s an improvement over 2015, when sellers sold their homes for an average of $11,500 less than what they paid for them.
If you want to make the most money possible when selling your Chicago condo or single-family home, your best move is to work with a REALTOR® who knows your neighborhood. This real estate professional can help you set the right asking price for your residence.