When should I sell my home in Chicago?
Thinking of selling your home? Market timing can greatly determine the success you see. General rule of thumb is after the SuperBowl but before Memorial Day in Chicago. February-April will be the busiest months for listing homes with the most buyers (and qualified buyers at that) out searching. The amount of new homes on the market will gradually tail off through summer and be fairly low through fall and winter.
Only those in a “must sell” situation should put their place on the market during these low seasons. While there are always buyers out looking, you want to put your home in a position to capture the largest sale price possible, and this means when there is the most competition amongst buyers, aka February through April. However, every situation is unique and you’re best off to have a consultation with me and my team to decide what will work best for you.
When is the best time to rent?
As with buying, Chicago is very seasonal with renting apartments. They fly off the shelves in May, but linger in December. It’s simple: no one wants to move in the winter unless they have to. Add in the holidays and the fact that most people graduate school in May, and you can see why there is a skew toward the spring/summer.
If you can get on a winter leasing schedule, you stand to save a lot of money over the long term. Not only can you get significant discounts on rent in the winter months, but often you can get a month or two free, six months free parking, or other incentives. Rent prices can vary by 20% or more sometimes when you compare the average price in May vs. December. It’s simple supply and demand.
So if you can swing it, aim for a December/January/February lease date and stay on that cycle until you’re ready to buy.