Is it a buyer’s or a seller’s market? Well, here in Chicagoland, it actually sort of depends.
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Our market is truly hot at the moment. But is it a buyer’s market or a seller’s market?
Ultimately, it depends on what kind of house you have. Illinois has seen many issues relating to property taxes, which tend to skew the market. Many people are selling their homes here and flocking to other states to either buy or rent.
Likely, you’ve been hearing that it’s a seller’s market nationwide. But here in the Chicagoland area, if you have high taxes, you’ll have a harder time selling your home, especially if it’s a more expensive one.
As a refresher, a buyer’s market would mean that there is a lot of inventory on the market from which buyers can choose. However, in reality, what buyers are looking for doesn’t actually exist.
The problem with buyers nowadays is that they’ve been so spoiled by things like HGTV and scouting homes online based on (beautiful) photography that they’re missing out on some fantastic deals. Some truly great homes might just need a fresh coat of paint, some wallpaper taken down, or some hardwood flooring put in. You have to get beyond what the pictures look like and actually go to the houses themselves.
So, is it a seller’s market? It is if your house is gray and white, has an updated kitchen, and looks like it just came out of HGTV. You’ll have to anticipate what those in the market are looking for if you want top dollar for your home. If it’s not up to the buyers’ standards, your listing will spend a lot longer on the market and you won’t get quite as much as you might have otherwise.
Now, if you’re a buyer it’s also a buyer’s market. There is so much inventory out there that does need some work, but you can get it for a great deal.
Be sure to keep this in mind as you navigate the market, whether you’re looking to buy or sell a home. Reach out to your real estate professional sooner than later; they can give you advice about what upgrades to make to boost the overall value and appeal of your listing so you get the most money possible without wasting it on unnecessary upgrades.
If you don’t already have a current real estate agent helping you, I encourage you to reach out to me. The Spaniak Team can answer your questions and advise you on how you can best achieve your real estate goals.