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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.

Chicagoland Real Estate Market Update



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.

Today I will be speaking about how the market is doing here in Chicago in 2014. Hopefully this will provide you with the information that you need to succeed in this real estate market. Overall, 2014 has been a good year, but here are some more details for you:
  • It doesn't really take a rocket scientist to see that activity slowed dramatically in January and February when the weather was snowy and cold. This resulted in a poor first quarter for us in Chicago.
  • However, March, April and May have been on fire. This has resulted in a shortage of good inventory, so you have a good chance to sell your home at a high sales price.
    • Real estate comes down to supply and demand, so when we have less than 4 months of supply, we call that a seller's market.
    • Depending on the price point that you're looking at, we are currently sitting in a seller's market. The more high-end properties still have a good amount of inventory left, so those price ranges would still be in a buyer's market.
  • Interest rates are still expected to rise by at least 1% by the first quarter of 2015. This will impact your buying power, so if you're looking to buy soon, I suggest that you do it this year instead of next year.
Here are some more details about New Construction in Chicago:
  • We're seeing a lot of activity in this market, and this is also a good indication that the economy is finally improving again. Builders are coming out of the woodwork and constructing 'spec' homes that they build before buyers arrive. 

In other news, 51% of listings in the MLS in Chicago did not sell last year. So, it's not just about price, condition and location. I firmly believe that marketing is a key component to selling homes, and I know how to market and sell homes well. Check out www.SuperiorMarketingPlan.com to view our strategy.

Another exciting website that I have created is www.ReviewMike.com. If you have worked with me in the past now is your opportunity to rate my performance. This really helps my prospective clients gauge whether or not I can satisfy their needs accordingly. We would love to hear your feedback!

I am also working with a company called www.Teardowns.com. Basically what we do is identify places where new construction is going on such as Wheaton, Naperville, DuPage, Hinsdale, etc. These are very valuable areas for new construction, so if you're interested in purchasing or investing, please contact me.

I know this may be a lot of information, so please feel free to contact me with any questions or concerns about real estate in Chicago. I am always here to help you.

1 comment :

  1. As a first time homebuyer, I can see how the entire process can seem harrowing. However, Lauren and the Findwell team made it as painless as possible.
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