As we head into the end of the year, potential home buyers can rejoice—this is a great time to make a Chicago real estate purchase.
After a few years of experiencing a buyer’s market, 2013 quickly changed to favor home sellers for much of the year. But I do think the pendulum will swing more in favor of buyers in the next few months. The Chicago Tribune recently reported that sales had already started to slow down after an unstoppable summer. Here are a few reasons why buyers can expect good things for year-end home buying: Holidays: The holiday season always tends to sneak up on us, and the distraction from year-end events often turns attention away from things like home purchases. With less activity on the market, buyers are in a better place to get a deal on a home they want, since sellers don’t have people knocking down their door to buy their property. Plus, sellers are even more apt to make a deal to ensure why won’t have to deal with having their property on the market during the holiday season. Cooler weather: October in Chicago this year has been colder than usual, and we know that the chilly temperatures certainly lead to an overall slowdown in the city. That could bring the winter real estate slump a lot sooner than usual. Buyers who take advantage of this notoriously slow period in Chicago real estate could benefit greatly by getting a great deal. End of the year: Aside from the holidays, the end of the calendar year marks a few things on its own. Developers typically want to get rid of their inventory for tax purposes, banks are requiring them to reduce their outstanding loans, and many will want to avoid the extra paperwork that is going to be required from buyers come 2014. So for buyers, it’s an ideal time to get a deal on a new construction property. Sellers are also eager to negotiate and get their home off the market before the heart of winter settles in and the market isn’t moving. Plus, without the influx of loan applications that are typically seen in busier months, your mortgage loan could be a smoother, quicker process with the bank.
The last quarter of the year is simply a great opportunity for buyers. For those shopping for luxury real estate in Chicago, this continues to be an ideal time to purchase, as jumbo loans are more readily available from mortgage lenders.
If you’ve been considering a home purchase this year, now is a great time to take action. I’d be happy to walk you through what’s on the market and how to best take advantage of the opportunity the end of 2013 will present buyers. Contact me at (312) 498-5080 or email me at [email protected].
Lake Point Tower, at right, is one of many buildings along Lake Shore Drive that offer incredible views of Lake Michigan. Image via Chris Walker/Chicago Tribune