For the first time since 2013, there are 34% more home sellers than there are home buyers nation- wide, according to a new report by Redfin.
In Chicago, there are just over 4% more sellers than buyers, according to the same Redfin report. Realtor Jeff Lowe says it depends on where you are.
“The core of downtown it is a buyers market. There are a lot more homes in high rises than there are buyers. As soon as you leave that core of the loop, it’s still very much a sellers market,” Lowe said.
Chicago’s market is inching back closer to a pre-pandemic “normal” according to experts.
“I think we’re starting to see a bounce back to more urban living, especially with people going back to work and the office,” Lowe said.
Mitch Bollinger is the director of research at Middleburg Communities, a real estate investment, development, and construction firm.
According to Bollinger, it’s historically expensive to buy a home right now. But he said Chicago is a lot more affordable than other metro areas such as New York and Los Angeles.
Key Takeaways
- If you’re looking to buy real estate in the near future, be prepared to act quickly. Talk with a lender ahead of time and know your buying power before a showing.
- Take a thorough look around on the first showing. Properties are going fast, so you may not be able to get in again.
- Keep in mind that when it’s time for your property to be reassessed, it will be taxed on the most recent sale price. So if you overpay, you’ll see that trickle down effect in the form of higher property taxes.