Waiting to list your Chicago home? You’re not alone
Crain’s Chicago Business recently ran an interesting story looking at the sluggish pace of the Chicago housing market today. The big issue here? Not enough homeowners are putting their city condos or single-family homes on the market.
According to the story, near the end of March the number of single-family homes for sale in Chicago fell below 3,400. That is the first time this has happened in more than 11 years.
As the story says, there were 3,346 homes on the market in Chicago during the final week of March. That’s as low as this number has been since at least January of 2007, according to Crain’s.
Why is inventory dropping so far? The Crain’s story pointed to several reasons. One of them? Many owners don’t think they’d be able to sell their Chicago homes for enough money.
This is an important concern. Home prices in Chicago have risen steadily. But they haven’t risen as quickly as they have in most other major markets across the country. Owners who purchased their homes in 2005 and 2006, for example, might find that their residences have actually lost value since they bought them.
They, then, might have to sell for less than what they initially paid for these homes if they were to list them today.
At the same time, some owners might worry that they won’t be able to find a new condo or single-family home in Chicago that they could afford. It’s one thing to sell a home here for a solid price. It’s another to find a replacement home that fits comfortably in your budget, especially when there are fewer homes for sale than usual.
Property taxes here don’t help. Chicago homes often come with high property taxes, which makes them more expensive.
Are you waffling on whether now is a good time to put your Chicago home on the market? Your best move is to speak with a REALTOR® who knows your neighborhood. This professional can help you determine for how much you might be able to sell your home and how much residences in the neighborhoods in which you want to live are selling for today.