We’ve all read and heard about how bad the real estate market is. some parts of the country are getting hit very hard. But the Chicago market, “While the national median price of a home sold in October was 5.1% lower than a year ago, Chicago-area homes experienced a 3.1% increase, to $250,000. Half of the Chicago-area homes sold in October were below $250,000 and half were above that amount. The median price last October was $242,500. The median home price throughout the state fell 1.5% to $195,000 from last October. Average sale prices for both the Chicago area and the state were up. The Chicago average rose 9% to $328,057 from last year and the state average rose 4.5% to $259,031 from last year.” Not bad amongst all the gloom & doom!
Personally, I find it to be not only a great time to be a buyer, but a seller as well. Interest rates dropped last week and there is a fair amount of inventory to choose from. Plus, sellers trying to sell their home this time of the year have a tendency to be more realistic and motivated then perhaps other times of the year.
From the sellers’ perspective, pricing their home correctly is critical. There are a lot of serious buyers looking for a fair deal on their new home and a correctly priced home increases the chances of find one, or more of them.
From either side of the equation, it’s a managing of expectations. Fair minded buyers and sellers tend to find one another and put together deals that work for everyone.
If you’re curious as to how Lincoln Park or any other Chicago neighborhood is fairing in this current real estate market, jus shoot me an email and I will be happy to provide you with a market snapshot.