Do you need to sell Chicago IL Real Estate?
Real estate in Chicago is in high demand. More than 2.67 million people live in Chicago, and even more live in the surrounding areas. Business is booming in Chicago, too. In fact, it became one of the main startup cities in 2021.
This means there are plenty of opportunities for those who own real estate in Chicago. But knowing when to sell your Chicago property is a key factor in predicting how soon you can get it off your hands.
Below, we’ll get into when to sell Chicago property. Keep reading to learn more and start making money!
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The Best Time to Sell Chicago IL Real Estate
The best time to sell Chicago IL real estate differs from the national average. On average, the best time to sell real estate is during the first half of May. Most people across the United States should list their homes on a Saturday. This will help them get more interest in their property.
In Chicago, though, things happen slightly earlier. When you list a piece of property in Chicago, you should do so on a Friday. The best time to sell is between April 16th and April 30th. People who place their properties on the market during this time make around $3,000 more on their homes on average.
The properties also usually sell in around 18 days. The average amount of time a home stays on the market nationally is 24 days. So, you can save time when you list your house during the second half of April.
Selling in the Summer
Even though spring is the best time to sell in Chicago, summer is a close second.
Many people prefer to move in the summer because they won’t have to pull their kids out of school. As such, many people are still house-hunting in Chicago in the summer.
So, if you can’t sell your house in April, try putting it on the market in May. You should still have the ability to sell your home in a quick manner. You can still take advantage of the number of people who need to move to Chicago during the summer.
June and July are still good months to sell, too. Yet, interest starts to taper off as the summer ends. The market sees the first significant drop in sales by the time August rolls around.
However, if you need to sell in August, you can probably find people who need to buy property before the start of the school year.
Selling in the Fall
If you can’t wait for the next summer to come around, you’ll need to know how to best sell your home during the fall.
It’s true that the market doesn’t get as much foot traffic during this time of the year. The dropping temperatures mean fewer people are coming to Chicago. Once the school year has started, fewer families can afford to take off and browse housing selections.
As such, you should hire a realtor and ask them about what you need to do to sell your home. This could mean developing a detailed schedule on your end. Learn all about the best days to show your home. You should also ask your realtor about ways to maximize your profit during the fall months.
Some ways to make your home more appealing in the falls months include boosting your curb appeal. Take an honest look at the outside of your home and fix anything that needs updating. Then, redo the landscaping to make it as attractive as possible.
You can also undertake some home improvement projects. Adding a fresh layer of paint or new kitchen cabinets improves the value of your home. It can also help you sell faster.
Selling in the Winter
You shouldn’t sell in the winter unless you have to. Selling in the winter poses several significant challenges.
First, the fewest people are looking to move in the winter. You won’t find as many potential buyers willing to come out and see your property.
Second, keeping your home ready to show can prove difficult. If you plan on hosting during the holidays, you’ll need to keep everything clean enough that you can put it all away if someone wants to schedule a tour. You’ll also likely be distracted by holiday plans and family obligations.
Finally, Chicago’s weather can cause property damage during the winter. If your pipes freeze and burst, for instance, you might need to deal with water damage. This will inhibit your ability to sell.
But if you have to sell during the winter, it’s not impossible to do so. Work with your realtor to find people who need a place like yours. Make sure you’ve done everything you can to make your home market-ready.
What If You Need to Move Fast?
While you wait to sell property in Chicago, you should start looking for places in your new area. That way, you can work on moving out of your old place while you wait for it to sell.
If you need money to buy a new place, get preapproved for a mortgage. Once your home sells, you can use the money to pay back some portions of the mortgage.
To learn more about selling in Chicago, see more on URB Chicago.
Want to Sell Your Real Estate?
Now that you’ve read this guide, you’re ready to sell your Chicago IL real estate. Chicago property often sells for upwards of $320,000. So, you can make a lot of money if you buy or sell real estate in the area.
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