Is it still a buyer’s market today in Chicago? As experts in the Chicago real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in Chicago IL
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Chicago, but seem to be rebounding as the rental market increases.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Elmhurst market in unique ways.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Even before the pandemic, appraisals on many home contracts were coming in well below the contracted price. This voided the entire transaction and had the home sellers incredibly frustrated by having to start the entire process over again. Although, the banks have gotten better than a they were a few years ago the documentation requirements are still very strict and difficult for many buyers.
Overall, the Chicago real estate market is far too large and complex to make a blanket statement about the condition of the market that would apply to every property. Many factors can impact the sale timeline of a property in the Chicago area and every property has its own unique circumstances.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Chicago because we believe in the community and the people here.
If you need to sell a property near Chicago, we can help you.
We buy properties like yours from people who need to sell fast.