In housing, it’s all about the spring market, and Chicago is no exception. Real estate pros around the area have been watching with great anticipation – and a lot of optimism – to see whether the sparks of a rebound seen last year will turn into a full-blown flame. Conditions seem right for a comeback: mortgage rates have held their historic lows, buyers are out, and lending has loosened.
But where are all the sellers?
The lack of inventory is frustrating to many would-be Chicago buyers who are ready to purchase, but can’t find the right home. And this demand-without-supply has quickly shifted the balance in favor of home sellers. That’s right – it’s shaping up to be a seller’s market once again.
“The spring has started off really strong for me. I have lots of new clients, and they are all excited to get out there and find their next home,” said Jenifer McCartney, a Realtor with Jameson Sotheby's International Realty. “And while it’s true there aren’t tons of homes for sale right now, the ones that are on the market are great values. They are, for the most part, quality listings and very competitive prices.”
And that, noted McCartney, is leading to very short market times, multiple offers and even bidding wars.
That isn’t to say buyers should rethink their decision to purchase, she added. “If you are a serious buyer who has your financing ready; you know what you want; and you appreciate the value of a property beyond the simple listing price, then this spring really presents a wonderful opportunity to buy,” McCartney said.
Here are a few of the newest Chicago-area properties to hit the market this spring:
Super-sized Penthouse Steps from the Lake
This 3,200-square-foot third-floor Rogers Park condominium offers three bedrooms, three bathrooms, parking for two cars – all within a five minute walk of Lake Michigan. It has been beautifully updated with a chef’s kitchen, wet bar in the den, refinished hardwood flooring, and a full-sized laundry room, yet retains all of the vintage details that buyers love. Lots of windows make it a bright and cheerful space. It’s priced at $559,900. View the listing here.
Move-in Ready Forest Park Townhome Lives like a Single-Family House
This 1,400-square-foot end-unit townhome in the heart of Forest Park features a 13-foot ceiling in the living room with two walls of oversized windows, an attached two-car garage, separate living and dining spaces and the flexibility to add a fourth bedroom – all of which make this 3-bedroom, 3 ½-bath listing live far more like a single-family home. It is move-in ready with great finishes like hardwood flooring and a granite/stainless steel kitchen, plus private outdoor space, too. Walk to parks, playgrounds, el and the Forest Park Aquatic Center. It is priced at $298,000. View the listing here.
Single-Family Home in the City (…For Less Than $1 Million)
This Northside single-family home has it all – a great Roscoe Village location, is recently rehabbed, has a nice yard and screened porch, a finished basement, and is large enough for a family… but is priced less than many other homes in that area. Asking $689,950, this three-bedroom, three-bath home is steps from the train, shopping and dining. View the listing here.