No matter what your involvement is in the real estate world, you need to know what is going on in your local market. Keep reading to learn more about what is happening now and what the experts are predicting to happen in the months ahead about the real estate market in Chicago!
Whether you are buying or selling a multifamily in Chicago, it’s important that you know what is going on in the current real estate market. Below we take a look at some of the things going on the real estate world so you can determine what you want to do next. As always, reach out to us if you have any questions about buying or selling real estate in Chicago or the surrounding areas.
What Is Happening Today
With an uncertain economy, both buyers and sellers have apprehension about the current state of affairs. While this may seem challenging, it can actually be beneficial as you will have less competition when looking to buy and when you want to sell. With fewer homes on the market, there will be more interest in yours. And with fewer people shopping, it can be easier to get your offer in the door without any contention from other buyers. Both buyers and sellers are finding great opportunities, despite the virus and unstable economy. In other words, it could be a great time to cash in. With fewer people in the market, both buyers and sellers can win if they play their cards right.
Interest rates are hitting all-time lows, however, lenders are tightening up on who is eligible for a loan. Current economic conditions pose a threat to lenders if their borrowers aren’t able to repay their loans. While the interest rates may motivate more people to want to buy, it doesn’t mean they will be able to get the financing to do so.
Predictions for The Future
Nobody can say exactly what will happen with the real estate market in Chicago, but many experts are predicting a recession. This can actually have benefits if you position yourself correctly, educating yourself about the real estate market in Chicago. For example, you may be able to buy low and sell higher at a later date. And if you want to sell your multifamily right now in Chicago, now may be the time to get the ball rolling before the downcycle really begins. At Global Abundance LLC, we will buy your property outright in only a matter of days, saving you from the impending market fluctuations that will likely affect the value of your property. There are never any costs, fees, or surprises. Just a simple and straightforward transaction that can help homeowners sell their buildings fast in Chicago.
What You Can Do As A Home Seller
If you are ready to sell your multifamily in Chicago, you’ll want to look at all of the selling options available to you. To determine what will work best, ask yourself some questions such as…
- How long are multifamily properties staying on the market in your neighborhood?
- Are home sellers in Chicago getting their asking price or are they having to lower their prices in order to get a sale?
- What will it cost to successfully list your multifamily home on the Chicago MLS after you have made repairs and fixed up the property?
- Have you factored in the agent commissions and closing costs sellers face when selling in the traditional manner?
- Do you have the time and money to wait or would you be better off selling your building right away?
If you are trying to sell your multifamily in Chicago sooner rather than later, hiring an agent and selling in the traditional manner may not be the right choice for you. For people who want to sell without any costs or waiting, working with a direct buyer will likely prove to be the best selling option. Run the numbers for your property and ask yourself the questions listed above.
What You Can Do If You Are Ready To Buy
While some sellers are reluctant to put their property on the market given the current state of the market, there are still incredible deals to be found. At Global Abundance LLC, we can help you find the perfect property whether you are looking to invest or find a home of your own. Our ability to help sellers close quickly and without any additional fees allows us to acquire properties at lower prices than other buyers. We, in turn, pass these deals on to those who are ready to buy.
We work with buyers and sellers, eliminating the costs or marketing, commissions, and other miscellaneous fees that drive up prices. By eliminating the middleman and buying and selling directly, everyone involved in the transaction comes out a winner!