Chicagoland Area Real Estate Blog & News

The Challenges of Leaving Your Long-Time Home

When you’ve lived in your home a long time, moving can be hard.

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Selling a home that you’ve lived in for multiple decades can be very difficult. Sometimes, it’s the fear of not knowing where you’re going to move, not knowing what to do with all the possessions you’ve accumulated, or it could be the emotional fact that the house is tied to so many memories.

But sometimes people find that they need to move out of their long-term home. Here are a couple of the most common reasons why people come to this conclusion:

- They can no longer take care of the property. We’ve seen old properties with mold in them or holes in the roof. Severe issues like these are safety concerns.

- They need to downsize due to having too much stuff. This can often be challenging for people since their possessions are linked to memories. The reality is that some memories can be kept in our hearts and minds, as opposed to in material things, which can take up a lot of space. Having too much stuff in your home can...

What’s Happening in Our Real Estate Market?

These are the latest happenings in the Chicagoland real estate market.

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Today I want to give you an update on our market through the month of September.

Compared to March 2020, home sales in September were down 34%. This is a big reason for our crazy market. When there’s less inventory, more people fight over the few homes that are left. We only have a current supply of two months, which means it should take less than two months to sell your home. If it has been on the market for longer than that, it’s probably time to consider a change in price.

Meanwhile, the number of homes under contract is down 18% from our peak in May of 2021. But since that was the peak, don’t look back at it to figure out how to price your home. For example, people are on average receiving 98% of their list price. Back in June, people were receiving on average 100% of what they asked for.

"Take advantage of our great market while you still can."

Here’s the big one: In the Chicagoland market, the current average sales price is $361,700. Back in June, it was $400,000. This means pricing has gone down 10% in the last few months.

What does...