Chicagoans Making More Money When Selling Their Homes
Chicago homeowners are making more money when they sell their city condominiums and single-family homes, according to a new report from Attom Data Solutions.
That’s definitely good news. And it should encourage Chicago homeowners who are debating whether it’s time to sell their city residences that now is a great time to list their properties.
According to Attom Data Solutions, the average profit that sellers made on Chicago condos and single-family homes stood at $11,500 in the first quarter of this year. That is up 20 percent from the fourth quarter of last year, when Chicago sellers earned an average profit of $9,619.
The number is especially impressive when you look at what happened back in the first quarter of 2016. Back then, Chicago-area home sellers actually lost money when they sold. They averaged a loss of $10,100 when selling back then.
What’s changed? There are plenty of factors that account for the rising profits. The most important is that demand for housing in Chicago has definitely picked up. And there aren’t nearly enough condos and single-family homes for sale to meet this demand in the most popular of Chicago neighborhoods, places like Lincoln Park, Lakeview, Lincoln Square, Ravenswood and Streeterville.
The Illinois Association of REALTORS® says that inventory levels continue to remain low throughout the city. This means that properties in good locations that are priced fairly can often generate bidding wars in which sellers compete to nab them. These bidding wars certainly drive up a seller’s profits.
The best way to increase the odds that you’ll make a healthy profit when selling your Chicago home is to work with a REALTOR® who knows your neighborhood. This professional can help you set the right asking price for your condo or single-family home and can help market it to the deepest pool of potential buyers.
And when your home does receive offers? A REALTOR® can lead the negotiation process to make sure that you get the best possible price for your home.