We are all tired of getting around in the cold icy conditions here in Chicago, but home buyers are still out there looking! When you need a home, you get out and get looking ~ especially the serious home buyers.
If you are considering selling, don’t wait until warmer temps. Seasonally each year the inventory goes up in April and May. Inventory is still very low which means there isn’t much competition.
Chicago inventory levels across the Near North and Near West are well below national levels at 1-2 months of supply. In the beginning of the year the National Association of Realtors reported 4+ months for national levels. Balanced real estate markets carry 5-6 months of inventory. Above that is considered a Buyers Market, and below is a Sellers Market. On national and local levels we’ll tip toward a more balanced market as we head toward spring.
Use the scarcity to your advantage, but be mindful that today’s buyers are savvy and educated. Price within the market and you will have your pick of buyers.