While there may not be a magic formula to determine the perfect time to invest in a property, an understanding of the real estate market and the Windy City seasons can help suggest the best time of year to buy a condo in Chicago.
With years of experience and a thorough understanding of the Chicago market, the Luxury Living team is here to help you decide on when you should start looking for a condo.
Why is the timing of your condo purchase so important? The time of year that you chose to house hunt can impact various factors of your purchase- from the number of listings to choose from to the price of your desired property.
By understanding the seasonal market trends, you can better make a strategic and worthwhile investment.
Based on the Chicago market, every season has its own set of advantages for potential buyers.
For young home buyers, or anyone looking to save money, the winter months, specifically January and February, may be the best time to make an offer. Numbers show that average condo price drop around $6,000 in the winter, compared to the late spring and summer.
If buyers are more concerned with options rather than price, springtime offers Chicagoans with the highest number of housing listings to choose from. Just keep in mind that with more competition on the market, spring tends to increase the price of listings.
While condos are a hot housing option in a large city, you may still be considering buying a single-family home in Chicago. If this is the case, keep in mind that the seasons affect the market similarly for both condos and homes.
Since many families occupy homes in the city, it is common for these families to chose to move around the summertime, before the new school year starts, especially if they are changing school districts. Therefore, this is a promising season to house hunt if you are looking for a large selection of listings on the market.
Once you are ready to pull the trigger and buy a property in Chicago, keep in mind that this journey may take a while. The entire process, from beginning the house search to closing on your purchase, can take anywhere from three to six months; or even longer if issues arise.
While the house hunting period depends largely on the efficiency of the buyers and agent, the average closing period in Chicago hovers around 45 days.
Make sure to keep up with these seasonal market trends and team up with an experienced broker to help you narrow down the best time of year to buy a condo in Chicago.
Get in touch with Luxury Living Chicago Realty 's team of experienced licensed real estate brokers and take the first step in buying or selling a home in Chicago.