When is the best time to sell your home? Well, the answer depends on many factors. To begin with, there is no right or wrong time to sell your house. It’s all about finding the right buyer and cracking the right deal. Sometimes, you get a great deal with buyers like Windy City Homebuyer, while other times, you are stuck between agents and listings.
Finding the best time to sell homes, condominiums, and investment properties is a yearly goal for sellers. The busiest selling times, both in the past and now, are in the spring and early summer. However, there aren’t many valid reasons for this custom to persist outside the weather.
Even if supply is low, home demand is at an all-time high. The typical house price is $368K, which keeps going up as 2024 ends. So, what’s the best time to sell a home? Let’s see.
Chicago Real Estate Market Conditions
The Chicago housing market has been experiencing a temporary downturn recently. For instance, the typical number of days a house spends on the market in Illinois is 80. The difference is little, but it’s still two days longer than the average of 78 days across the country.
According to forecasts, the typical house price in the Chicago Primary Metropolitan Statistical Area (PMSA) is predicted to reach $324,200 in December 2024, representing a significant 12% rise over the previous year.
With 8,926 properties listed for sale in Chicago in February 2024, a substantial 28.1% rise from January of the same year, the real estate market saw a boom in inventory. According to the data on the best time to sell a home, Various Chicago areas have varying price points and market periods, highlighting an active market trend.
Buyer demand is rising, making it the best time of year to sell home, which might make it challenging for some to locate the perfect home. More people are looking for houses, and the inventory is limited. When added together, these factors provide ideal circumstances for sellers. Thus, this can be an excellent opportunity to sell your Chicago property!
Although the best time to sell a home can be a little longer than usual, buyers are likelier to make offers sooner than in a different market. Also, it may not be the ideal time to market your home if you haven’t made any preparations to prepare it for showings; otherwise, you might not get many serious offers.
However, this can work well for sellers who have already done the legwork to prepare their houses for showings, as potential buyers won’t notice anything unusual when they see a staged property.
When is the Best Time to Sell a Home in Chicago?
There is no reason not to market your house if you consider doing so. However, let’s examine the Chicago housing market’s best time to sell a home to ensure you select the best period.
January–February
An unusually high number of postings appear in the year’s first two months. Listing your home in January or February can thus subject you to intense competition.
Fortunately, this is when most people begin to seriously consider home searching. You can list your house even if you don’t receive an immediate offer; that way, potential buyers can find it when the time is perfect—and it shouldn’t be too far off.
Because buyers become serious about making such a large financial commitment in the spring, sellers usually see the highest profit. Now that we have that out, let’s look at the real estate market for the remaining months and see what’s the best time to sell home in Chicago.
March-May
During these months, many people are looking to buy a house and it makes it the best time to sell home. Homebuyers are swarming the market like never before in search of the properties of their dreams at this best time of year to sell home.
The “Spring Market” describes this time of year. You can be sure that sellers and buyers are experiencing a vertiginous period. A frenzied buying and selling session is commonplace here. Therefore, your sales skills will be unaffected by the intense competition.
This is particularly true in Chicago, especially when considering the last few years. Strike while the iron is hot; trust us, it will be hot for the next three months.
June–July
We are still in a hot market of the best time to sell your home, but it is starting to settle down. You won’t have any problem drawing in customers; it’s simply that there can be fewer than in prior months.
August–October
The market isn’t as good as it was a few months ago during these months. While this might not be the best time to sell home in Chicago, you should not lose hope. Many families concentrate on completing their summer vacations and returning their children to the classroom. Accordingly, property isn’t the main point.
The number of potential purchasers will decline in these months. Therefore, you should probably avoid selling during August, September, and October.
November–December
As expected, everyone prepares for Thanksgiving, Black Friday, and the frantic Christmas shopping season. Consequently, the idea of investing in property might have faded from their minds.
Factors that Determine Your House Price and Best Selling Time
While there is no better time than today to sell your house, there are still some considerations to remember. Homeowners should consider these factors when choosing the best time to sell a home in Chicago.
- Local Season
It can be different in your area than in the rest of the country, but nationally, the greatest time to sell is in the spring and summer. A property with exceptional curb appeal can help you sell it fast and for a good price since it creates a positive first impression.
Early summer listings are plentiful partly because they are more practical for families. Most people would rather not move their children during the school year. Therefore, most people sell or buy it over the summer while the kids are off school.
- Interest Rates
Get a feel for the market interest rates before you put your house on the market. Interest rates rise as a measure of a thriving economy. However, home loan rates will also rise in response to increased demand. People planning to purchase soon may start to doubt their timing.
Even going to open homes could make them cautious about finding out when is the best time to sell a home and making an offer. Typically, house sales go more smoothly when borrowing rates are low. However, it all depends on where you live, so this may not be a huge concern.
- Location
Although there are many reasons why location matters, changes in the weather can have a major impact on your home’s selling price. Location, whether in a bustling metropolis, a suburban neighbourhood, or a more rural area, will impact sale prices.
The good news is that none of these factors matter to Windy City Homebuyer. So, if you’re looking to sell your house in Chicago, Windy City Homebuyer can help you immediately!
FAQs
Should I renovate before selling?
Focus on high-return improvements like updating the kitchen, fresh paint, and boosting curb appeal. Avoid over-investing—small fixes can make a big impact without breaking the bank.
What time-sensitive factors should I consider?
Interest rates, local market trends, and economic shifts can all impact buyer behavior. Stay informed about these factors, as they can affect demand and timing for selling.
How important is marketing in getting a good deal?
Effective marketing—high-quality photos, a strong online presence, and a professional listing—helps draw attention to your home. A solid marketing strategy can lead to a faster sale at a better price.
Ready to Sell Your House at the Best Price?
Selling a property is never a bad idea as long as the circumstances are right or when the seller is right. When you contact Windy City Homebuyer, you’re contacting your well-wishers in the real estate market, who will turn it into the best time to sell a home.
For nearly 60 years, homeowners in the Chicagoland area have trusted our family-owned business to sell their houses promptly and simply. Since we streamline the process, no hidden costs, fixes, or commitments exist.
Here in Chicago, Windy City Homebuyer promises to help those in need with respect, transparency, and a no-pressure approach. Our extensive familiarity with the area allows us to provide good pricing, flexible closing dates, and excellent service. Contact us immediately to find out more about our procedure and see how easy selling can be!