Should I Sell My House Now or Wait?
It’s no secret that we’re seeing changes in the Chicagoland housing market as interest rates climb and buyer demand slows. Fortunately, there are benefits to selling in a slowing seller's market. We’ve put together our top reasons selling your Chicagoland home now may be a better option than waiting to see what happens in the new year.
Benefit: You Have Great Options For Your Move
We’ve all seen the growing housing inventory in Illinois and throughout the country this year, as rising mortgage rates slowed the post-COVID lockdown real estate frenzy. While this seems like a negative for anyone getting ready to sell a home, there are benefits waiting for you when buying after you sell your home.
If you’re selling your home due to an upcoming move, it means you’ll have a broader range of options when shopping for your next property. This offers you a great opportunity to find a home at a competitive price. So, if you have been waiting to move due to housing inventory shortages, it’s good to know that more options are available than last year, and the bidding wars have slowed dramatically. While you may have to wait a little bit longer to sell, you’re not going to be facing repeated disappointment and heavily inflated prices when moving to a new home.
Benefit: Inventory Throughout Illinois is Still Low
While the number of available homes for sale has increased this year, this is still considered a sellers’ market. We may not see the historical inventory lows we did in 2021, but available property numbers are still low overall. For example, in a typical market, we are considered to have a balanced market when there is enough housing inventory available to meet the pace of buyer demand. This would mean that there would need to be approximately a six-month supply of homes. According to the National Association of Realtors (NAR) July report, there was only enough housing inventory available to cover about 3.3 months.
While you’ll have more options for your own home search, inventory is still low, and that means your home will still sell quickly if you price it well. This is where having an experienced Chicagoland real estate team on your side comes in. According to NAR, in July the average home sold in as little as 14 days with multiple offers to choose from.
Benefit: You Likely Have Seen an Impressive Growth in Equity
The record increases in home values over the past few years have very likely increased your equity considerably. Danielle Hale, Chief Economist at realtor.com, explains:
“Homeowners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .”
If you’ve been waiting to sell your home due to concerns about how rising prices will impact your next home search, don’t forget to factor in the equity you’ve earned on your current home. In many cases, it is enough to cover a substantial down payment on your new home, keeping your payment relatively low. The mantra is to sell high - buy high so your alternative is to wait until prices fall which means you will sell for less in order to buy for less.
The Bottom Line
If you’re considering selling your Chicago area home, give us a call. We are happy to discuss your options and help you weigh out the pros and cons of selling in today’s market. Our award-winning real estate team is here to ensure you get the best possible price on your home, and that you find the home of your dreams to move into! In the meantime, check out our guide for selling your Chicagoland home:
FREE market analysis: Find out how much your property is worth
How to price your home: Pricing is both an art and a science
How to market your home: An expert's guide to marketing your home
Showing your home: See the 9-minute showing drill
How to add value to your home: See which updates add the most value
Recently closed homes in Chicagoland: See how much your neighbors sold for