Low Inventory Levels Make This a Great Time to Sell Your Home
The latest statistics from the Illinois Association of REALTORS® contain plenty of good news for home sellers in the Northern Illinois region, with both sales prices and the total number of home sales rising.
According to the association, there were 9,661 homes sold in the nine-county Chicago region in March. That's up 13.1 percent from the same month one year earlier. The median sales price of homes in this area was $231,000 in March, up 10 percent from the median price of $210,000 one year earlier.
Why are prices rising so steadily? You can point to demand: Buyers have returned in force to the Illinois housing market, especially for homes priced well and in good locations. But there's another factor at play, too: low inventory levels.
There simply aren't enough homes on the market to meet demand. This is challenging for buyers. But it's great news for sellers. When inventory levels are low, it's easier for sellers to generate interest in their homes. A low-inventory market is the type of market in which sellers might receive multiple bids on their residences.
Low inventory levels increase the likelihood of a quick sale, too. The REALTORS® association reported that it took an average of 67 days for owners to sell a home in Illinois in March. That's down from the average of 77 days in March of 2016.
How low are inventory levels? The association reported that there were 52,826 homes for sale in Illinois this March. That is a dip of 15.5 percent from March of 2016. Back then, buyers could choose from 62,492 homes for sale.
The factors, then, are certainly in place for a true seller's market, one in which homeowners have the edge over buyers.
This doesn't mean, though, that owners won't have to work to sell their homes. They'll still have to stage their homes so that they look uncluttered and airy. They have to make their homes available for showings. And they'll have to set the right asking price.
The best way to sell a home for top dollar in this market or any other? Work with a knowledgable HomesByMarco agent who knows your neighborhood. We can help you set the right asking price and present your home in the best light. If you're ready to sell, contact us today at 888-326-2726.