What Chicago Home Sellers Need to Know About the 2023 Housing Market

The real estate landscape is ever-changing, but even amidst all this flux, some trends shine brighter than the Chicago skyline. As we forge ahead into the latter half of 2023, here's the inside scoop on what home sellers should keep in mind to maximize profits and minimize headaches.

Home Prices and Rent Trends: A Balancing Act

If you've been pondering whether to sell or rent out your property, this is the intel you've been waiting for. Home price growth is stabilizing, giving room for rent prices to take the spotlight. With the increasing cost of homeownership, particularly in urban areas like Chicago, demand for rentals is on the rise. For sellers, this might mean considering a switch to being a landlord could yield long-term benefits.

Mortgage Rates and Inventory: Holding Ground

Higher mortgage rates are here to stay, hovering above the 6% mark. This trend is causing potential sellers to pause, reluctant to let go of their sub-4% rates. The result? A low housing inventory that keeps the seller's market alive. But don't let that put you off; scarcity often drives up property values, making it an opportune time to sell if you're willing to brave the rates.

Joint Real Estate Purchases: Strength in Numbers

With higher costs in the air, we're seeing an uptick in joint real estate purchases. Family members or close friends are pooling resources to afford larger properties or qualify for mortgages. For sellers, this could mean a broader pool of prospective buyers if your property is spacious and versatile enough to attract these joint purchasing arrangements.

Buyer Trends: The Shifting Landscape

While first-time homebuyers had taken a step back, indicators suggest they'll make a return by early 2024. Affordable markets like the Midwest are pulling in younger buyers, many of whom have the flexibility to relocate thanks to remote work. With a good number of people aiming to be closer to family, properties with a sense of community may have an edge in upcoming listings.

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Ready to make the most of these trends as a seller in Chicagoland? I've got the local know-how and tech-savvy tidbits to give you the edge. With me as your advocate, we'll ensure you get a deal as satisfying as a slice of deep-dish pizza.

Source: The Federal Reserve's tactics have cooled down the housing market somewhat. For a more in-depth look, see "25+ Housing Market Predictions for the Next 5 Years [2023-2027]."