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Expert Tips for Home Buyers & Sellers

As your Chicagoland real estate agent Michael LaFido, I want to be your resource for all things real estate. Whether you are buying, selling, or investing in real estate, I am here to guide you through the process. Subscribe to this blog to learn all of the latest news from our local market and receive expert tips for buying or selling a home.

Why Now is a Good Time to Sell in Chicagoland

There are many great Chicagoland area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (630) 674-3488 for a FREE home buying or selling consultation to answer any of your real estate questions.

My video today is geared towards homeowners who are thinking about selling their house in 2014. People are asking me if they should sell now in January, or wait until March and April when it is closer to the end of the school year. Real estate is no different than Black Friday sales; Best Buy has a limited number of flat screens for sale and people line out the store to buy them. With a limited number of supply, demand is driven up.

Real estate also comes down to inventory. When there is more than 7 months’ of inventory, we consider that a “buyer’s market.” When there is 5-6 months’ of inventory, we consider that a wash. When there is 4 or less months’ of inventory, which is definitely considered a “seller’s market.”

Having said that, there will be more and more competition coming onto the market in March and April causing supply to increase and demand to decrease. If you are thinking about selling, don’t wait any longer; list now in January or February! There may be fewer buyers on the market now, but you will miss out on all of those buyers if you wait until spring to put your home on the market.

Rising interest rates will also affect the number of buyers that can qualify for your home. At this time, rates are at about 4.3%; over the next 12 months, interest rates are projected to rise 1%. If a buyer has too high of a debt-to-income ratio, they won’t be able to obtain a loan for your home. If you own a $250,000 home and rates rise from 4.3% to 5.3% it would cost you $160.08 more a month. In essence, rising rates affect the monthly payment, the monthly payment affects the debt-to-income ratio and that affects how much a buyer qualifies for a mortgage.

Don’t wait until the spring to put your home on the market! Be sure to speak with a real estate consultant; there are certain things that need to be done before it is listed like getting it verified (you can visit for more information). You should also consider having your home staged; staged homes sell faster and for more money! If you would like more information on other things you can do to get your home ready, give us a call! We sell homes for 4.3% more than the market average and sell them 89.2 days faster than the market average.

Stay warm and take care!

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