Navigating the Post-Pandemic Housing Market in Chicago: What You Need to Know.

Hey, friends! It’s been a wild ride in the Chicago housing market these past couple of years. Here is a brief recap and what this means for both buyers and sellers alike.

Did you know that the same number of properties sell each year in Chicago - approximately 30,000 homes? Regardless of what is going on in the world, folks still need to move to accommodate growing families, career changes, lifestyle changes and more.

In 2021, the demand for homes in the Windy City was off the charts, with over 39,000 homes sold. Since then, and throughout 2022 and into the early parts of 2023, those total home sales have come back down towards that average 30k figure - more in line with what we consider to be a healthy real estate market in our city.

For buyers, this means you won't have to fight tooth and nail to snag a home at a decent price. You'll have less competition to worry about, so you can bid with confidence and with less anxiety. And with fewer non-contingent offers being thrown around, you'll have more room to negotiate terms with sellers. Hey, you might even make some new friends in the process!

For sellers, don't fret. You can still sell your home at a fair price and not feel like you're giving it away to the first bidder that comes along. Set a reasonable asking price and negotiate terms with buyers without feeling the pressure of competing offers. And with fewer non-contingent offers, you can work with buyers to find a win-win solution. It's like a game of chess, but with fewer headaches.

Overall, the Chicago housing market is in a healthier space: less multiple bid offers, and seller asking prices returning to palatable levels. Whether you are a buyer or a seller, there are opportunities to achieve your real estate goals without any added drama.

Contact me today to learn more. Cheers!