If this question is on your mind, you’re in luck! Real estate trends in Chicago, IL are on the up and up, which bodes a lot of good news for aspiring sellers like you. But before you contact your nearest Chicago cash home buyer, it’s best to familiarize yourself with the real estate landscape before you make any big moves. 

The following tips we compiled below are designed to help you get the most out of your property. Read on to discover more: 

Home prices are booming this year

There is a trend in people moving from the city into more suburban setups, probably brought about by the rise in popularity of remote work given the COVID-19 pandemic. Low mortgage rates appeal to them too, so living downtown is no longer a necessity. 

According to CoreLogic, a whopping $33,400 in equity between Q1 2020 and Q1 2021 is estimated to have been gained by the average homeowner nationwide. 

Around 94% of metros observed a significant amount of growth in June 2021, wherein 23% of average prices rose nationally. Approximately 12 metro areas also experienced significant price gains from last year amounting to at least 30%. 

Expect multiple offers coming

Because of this new housing boom, expect multiple offers coming your way especially if you’re selling in a suburban area. And because more buyers are coming in, the demand for good, and not necessarily great, homes are on the rise. 

This is probably due to the fact that a lot of Americans took financial hits during the pandemic, and they understand the need for a decent home despite their options not necessarily being the best. They are generally okay with homes that need repairs, and are willing to collaborate with services or sellers to make these happen for them. 

If you plan to sell a home with issues, make sure you price it accordingly and disclose all issues to potential buyers. They will certainly appreciate the transparency. 

You might want to put your home up for rent first

This is a financially sound option if you’re in the following Chicago Metro areas:

• Schaumburg
  • Rent has increased 7.4%.
• Oak Park 
  • Rent went up the most at 13.4%
• Naperville
  • Rent is up 7.5%.

If you have property in Aurora, we suggest pricing rent at just $1,210 per month whereas Chicago city can go up to as much as $1,590 per month. Try to be flexible according to your location, and expect multiple offers from tenants as well. 

It won’t be this competitive forever

Because of the boom in prices, expect that trends will shift downwards over the course of a few months or maybe in the next year. Over half of agents nationwide have reported that buyers have been feeling remorse over inflated prices and are then backing out of deals. This spike may not be as sustainable as you think, so the time to sell is now. 

Shares of first time buyers in the market dropped to 30% in July because of competing with cash home buyers and a general lower supply of homes that suit their budget. 

More versatile homes sell

Although buyers will settle for homes that are less than perfect, the more sectioned-off parts of a home are, the better for new buyers who are looking to adapt a work-from-home or study-from-home lifestyle. 

Bedrooms can also be mini offices. Spare rooms for children need to also have space for them to work on their schoolwork from home. Certain areas of the home can be marketed not just as communal areas, but spaces to install home gyms in. The new normal has pushed us to do more at home, and a versatile home is one that wins.

Ready to sell your home? 

Get a headstart and sell your home today to Onyx Homes, LLC! We buy houses in Chicago, IL fast in absolutely any condition. This means not having to worry about extra fees, cleaning, repairs, commissions, and realtors. We take care of all that for you! 

Simply visit our homepage and click “Get My Cash Offer Now!” to get started with us.