This year has been interesting across the board and that also applies to the downtown Chicago and surrounding neighborhood (i.e. Streeterville, Gold Coast, South Loop, West Loop, River West, River North, etc.) real estate market both on the apartment rentals front and the residential purchase and sale front.
In this post we'll provide some anecdotal pieces of info on what our team has seen and how that may impact you.
Residential Purchase/Sale
Within the downtown Chicago residential purchase/sale market (primarily high-rise condos) we have seen mixed data (Realtor & MLS) and anecdotal observations (from our team). For instance, from a data perspective we have seen home listings increase significantly and actual closed transactions increase modestly. Meaning that the number of listings is up a lot, but the numbers of buyers is up only slightly.
Despite the above information, we have seen closed sale price increase modestly from the prior year period at this point. However, it does feel like supply of listings is going to continue to exceed demand or buyers and the residential real estate market is becoming a buyer's market.
Here are some anecdotal observations our team has seen:
Home owners/sellers are more willing to negotiate on price, even in the hottest neighborhoods such as West Loop, River North, Streeterville and Gold Coast. On the buy side, our clients have saved thousands. On the sell side, we are recommending our clients to better stage their space to generate more interest and invest in digital advertising.
We are seeing existing renters take advantage of the buyer's market and purchase a condo in the same area they were renting in.
We have noticed more inquiries from investors waiting to purchase.
How It Impacts You
As a buyer, you have a good opportunity to negotiate a better purchase price. As a seller, it is less likely you will receive multiple offers and you may have to give a bit on price if you want to successfully close a transaction within the next 3 to 6 months.
Take Action
If you are a buyer and you want to take advantage of this market timing, take the time to fill out this quick form and someone from our team will contact you right away. Or you can reach us via our contact form.
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