Going, Going, Gone: Chicago Property Sales Soar

Whether you are a buyer, seller or even small business owner, Chicago's recent increase in property sales could affect you.

Compared to last year at this time, home sales in Chicago are up 32.2%. According to Chicagonow.com the percentage of homes including condos, town homes and single family homes going under contract within two weeks of being listed is 41%.

Not only are the houses falling under contract fast, they are often receiving multiple bids and going for slightly more than the asking price. 

What's the cause of this shift? Many factors actually. Currently, mortgage rates are at a record low and there's been a decline in foreclosures. Also, the general improvement in our economy means many of us are now in a position which affords us the luxury to buy.

What does this mean over all? The rise in home sales could mean an additional boost for our economy. Those of us who currently owe more than their homes are worth, have the opportunity to refinance. Refinancing will mean we'll feel our pockets get a bit heavier.

With more wealth we'll see an increase in spending. In turn, we will be able to better support the small businesses we all know and love. 

How long will it last? The down side of this trend is Chicago is experiencing a shortage of great listings. If more homeowners were open to selling right now, these numbers would be even bigger.

Therefore, the increase will only last if we continue to see the benefits of listing our homes during this current growth spurt.

For questions on listing or buying a property in your neighborhood, in a desired school district, or near public transportation contact New Urban Property Services today at 312-502-8213.