Along with more hours of sunlight and — did we just hear a bird chirping? — you know it’s spring in the Midwest when the real estate market starts to pick up after the long freeze of winter.
According to Kristine Menas, a broker with Dream Town in Chicago, she expects this spring and summer in the city to mirror the competitive levels of the past few years, with multiple offers and pre-market sales continuing at a healthy clip.
“People who have been waiting for their value to appreciate since the downturn are selling,” she says, particularly in desirable neighborhoods like Lincoln Park, where prices have exceeded pre-2008 levels. Low inventory plus low interest rates means the city’s a seller’s market.
“With the interest rates so low, the buying power is very strong,” Kathryn says. “Since it is an election year, we are not sure how this will impact the interest rates moving forward, so people are buying now.”
Team Mangel reports that the number of @properties sold listings are already ahead of early spring 2015, noting “the local market is strong for homes that are priced right.”
Given the active downtown and suburban markets, if you’re thinking about listing a property or acquiring a new one — don’t wait!
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