- Sellers may be willing to go below their normal 'bottom line' price during this time of the year
- Realtors may have to do more digging to find inventory, but buyers will have less competition
- Sellers are motivated to get their homes off the market before the holidays and the frigid Chicago winters
There is a common question asked in Chicago about the fall market. Is the fall a bad time to buy? Buyers tend to get nervous when they think about the fall. I am here to put an end to your fears.
Buyers often think the inventory may go down too much. They fear that there will not be enough good choices. The reality is, there is not as much inventory as the spring, but there are still plenty of options.
Chicago is the third-largest city in the country. People are coming and going all the time, and that means there are always properties on the market.
[graphiq id=”bXQ9fOZoviZ” title=”Home Sale Statistics in Chicago, IL” width=”600″ height=”704″ url=”https://w.graphiq.com/w/bXQ9fOZoviZ” link=”http://places.findthehome.com/l/32868/Chicago-IL” link_text=”Home Sale Statistics in Chicago, IL | FindTheHome”]
Time to get a deal?
Another positive about the fall market is that you could end up getting a better deal. There tend to be fewer buyers pounding the pavement. We all know the saying, “winter is coming!” Sellers are afraid to be on the market in the dead of winter and holiday season. This means they might be willing to go lower on their normal “bottom line” price.
Chicago is a very rent-heavy city. This means a lot of the renters have either decided to rent again or buy. The majority of buyers who have kids in school have also already made their purchases. This means less demand in the marketplace than the “prime” selling months. Buyers are less likely to get in multiple-bid situations or lose out on a property if they are unable to see the property the day it hits the market.
I always think of the fall as a good thing. The change of the leaves, the cool brisk weather, and the smell of nice real estate deals.
Have no fear; the fall is here.
Matt Laricy is a third-generation Realtor and the managing broker of Americorp Real Estate Group, which was founded by his father.