Multiple offer situations are the new reality for Chicago’s real estate market.
To help you come out ahead we have the tools and tips to make you succeed.
How Has The Market Changed?
From Lincoln Park to Lincoln Square, inventory is down, properties are selling closer to list price and in a shorter period of time. This means buyers have more pressure and less time to make a move.
- In Lincoln Park, Single Family Home (SFH) inventory is down 28.2% over last year, despite a 13.8% increase in the number of listings.*
- For that same period in Lincoln Square, SFH inventory is down a whopping 48.1% and Condo/Townhouse inventory is down 32.2%.*
Gone are the days of bargain basement bidding.
The answer is simple: supply and demand
For the past 6 years, everyone has asked "When will we hit the bottom?"
Today, nobody is asking. With climbing interest rates and rising property values there is a general consensus that the tides have turned and our market is on the rebound. Buyers who were once on the fence are jumping in because as rates and prices increase, their buying power is decreasing.
What does this mean?
Fewer properties on the market and more buyers looking with a sense of urgency. What buyers could afford 6 months ago is now more expensive and as rates increase, many are forced to lower their price range. Yes, there is still the occasional overpriced listing but in general properties are selling closer (and sometimes over) asking price.
Don't get frustrated; get educated!
There are steps you can take to successfully navigate multiple offers. This series is all about handling these multiple offer; part one of the series will focus on the buy side and part two, on the seller's side.
*Data provided by the Chicago Association of REALTORS 2/14/14