While spring is often regarded as the best time to sell here in Chicago, it’s important to remember that our market is highly seasonally driven – and that summer is no slouch, either!
In fact, the hottest months of the year have long gotten a bad rap in the real estate world, and it’s time to set the record straight. For instance, did you know that home sales actually peak in June? Or that, according to the National Association of REALTORS, 50% of homes are actually sold over the summer?
What makes this season work for sellers? Here are three key reasons why summer is a great time to sell in Chicago:
Markets Generally Favor the Seller
Having your home on the market during the slow dog days of summer could actually speed up your sale. Why? It all comes down to the way the housing market works – and the preconceptions that buyers and sellers have about it.
You see, there is typically a sweet spot during the early- to mid-summer season when competition is low, but buyer motivation is high. With the prevailing wisdom is that spring is the best time to list and buy, the market is often saturated during March and April, making for stiff competition among sellers. Once we move out of that peak season, sellers start to see a slight advantage, as many houses have left the market and others have priced themselves out of contention trying to keep up with the “spring fever.”
Couple this with the fact that buyers looking in the later summer months are highly motivated to find a property and settle in before the new school year and the colder months hit, and you could just have a recipe for a successful sale. But it’s important to get your home on the market sooner, rather than later – inventory tends to begin to pile up again in August, encouraging buyers to be more selective as they head toward the advantageous fall and winter selling seasons.
You Can Emphasize Your Curb Appeal
Summer in Chicago is full of sunny days, cool breezes off Lake Michigan, and greenery so bright that you’ll think about getting your eyes checked. In other words, summer is the perfect time to turn your attention to the outside of your home, emphasizing its curb appeal for the many prospective buyers who will really have the chance to savor it over the course of the season’s long, lazy days.
Looking for a few ideas to stage your home for maximum curb appeal? We’ve got you covered! Here are a few of our team’s guides for emphasizing and elevating the outdoor areas of your home:
- Five Ways to Add Instant Curb Appeal Without Breaking the Bank
- Outdoor Decor Ideas to Help Sell Your Home
- 10 Home Projects with the Highest Return on Investment
You Can Really Focus on the Sale
On the one hand, it’s easy to see summertime as a season of distractions, full of summer camps, family vacations, and lazy long weekends. On the other hand, the beautiful weather and the ample amount of free time that come hand-in-hand with summer also make it the perfect time to really dig into the sale of your home.
You can use those long weekends and extended days to really focus on the renovations that you’ve been putting off, for instance; taking on even a few tasks can dramatically improve the look and feel of your home for prospective buyers. At the same time, you can also take advantage of the freedoms of summer to stay in touch with your real estate team, work with buyers, and handle all of the paperwork and costs that come with selling your home.
Looking to list your home or begin your search for a new one? The Real Group team would love to help! Don’t hesitate to drop us a line with any questions or concerns.
