Our home is often our most valuable asset. Therefore, when we put it on the market, we naturally want to get the highest price with the terms we are comfortable with.
You may find a buyer quickly and make the most money by putting your Chicago house on the market at the right time.
Let’s go through some of the important factors that will help you decide the best time to sell a house in Chicago, Il.
When is the Best Time of Year to Sell a House in Chicago, IL
The answer is not that simple. There are numerous advantages and disadvantages to selling a house at various seasons of the year. And it will depend on your property, the market, and your circumstances.
For instance, if your home is warm and inviting, winter is an excellent time to sell it. Likewise, summer is the ideal season to highlight homes with lovely outdoor settings.
Illinois Housing Market Forecast: Check out our in-depth guide.
Best Month to Sell a House in Chicago
The best month to sell your Illinois home is June. You can get up to $26,000 more than the average sale price by selling your home in June.
Understanding the best month to sell a house can potentially help increase the number of buyers interested in your home. This could help increase your sale price and earn you more money. And who doesn’t want that, right?
You can determine the best month to sell your house fast and for the most money by considering these factors:
- Analyze your local market trends: An excellent real estate agent can provide you with annual trends going back a few years. You can learn which month typically sees maximum home sales with the highest profits. Plan accordingly.
- Location: As already mentioned, the location of your home plays a major role to help you determine the best month to sell. Some locations can see potential buyers in the summer season whereas homes in other locations sell faster in winter.
- Average Days and Closing Time: Do not just accept an offer. Try to look at the time homes have stayed on the market before getting sold. Knowing the closing time will also let you determine if you are making the right decision.
Best Day to List a House in Chicago
Thursday is the best day to list a home in Illinois. 21% of the homes are listed on a Thursday. Homes listed on Thursday tend to sell quickly and are more likely to sell above the list price. This is because most people tour listings over the weekend and start planning their weekends on Thursday.
According to Redfin, a home receives five times the number of views on the first day it is listed then it does on subsequent days.
You can plan a showing accordingly on the weekend to see potential buyers. Consult your agent to determine whether including a Thursday listing in your home sale plan makes sense.
So, it makes sense that Sunday would be the worst day to list a property. It also takes longer for homes listed on Mondays, and Saturdays to sell than on other days of the week.
Best Time of the Day to List a House
Timing is crucial for home sellers. Your home might sell more quickly and for more money, if you list it on a particular day, or even at a specific time of day. Agents have reported that Thursday evening after 5 p.m. is the ideal time to post a house to be on page one.
In any market, new listings are a driving force for buyers because everyone wants to see that tidy, shining new house.
When is the Best Season to Sell a House?
Spring and summer are typically thought of as the best seasons to sell a house in Illinois.
Seasons can have a direct impact on local real estate market activity. Where you live has a significant impact on when to sell your home. Buyers are ready to explore new housing options as soon as the weather gets warm.
Let us look at each selling season.
Selling a House in Spring
It’s understandable why spring is typically the busiest season for buying and selling. People start looking for homes as the weather warms up. So, preparing your home for sale in the winter usually makes sense. Buyers have cash returns in their pockets and often want to get settled during their kids’ summer holidays. Moreover, spring enhances the beauty of a home attracting more potential buyers.
However, selling a house in spring has drawbacks too. During this time, the market is competitive. Sellers must take action to make their own homes stand out on the market because buyers have more options to choose from.
Selling a House in Summer
In summer, the market is still strong. Longer days can make your showings easier. Buyers looking to buy a home before the start of the school year are usually more willing to make serious offers and close quickly.
However, the summer season is when most people go on vacation. So that might explain a little bit of a slowdown. Additionally, some regions of the nation experience a slow real estate market during the summer because the temperatures are just too high. Buyers find it difficult to tour houses.
Selling a House in the Fall
Both supply and demand decline in the fall. Serious homebuyers are eager to move into a new home during the fall months before the holiday season picks up and the winter sets in. You’ll have less competition and more control to sell your home on your own terms if there are fewer houses up for sale.
You may have to lower your listing price because of the drop in demand. All sports and extracurricular activities resume in the fall when children return to school. With Halloween, Thanksgiving, and holiday preparations, buyers might put off their search for a new home.
Selling a House in Winter
Winter is generally the worst month for home sales. The holiday season is here and you may have to lower your prices. The cold weather may cause more problems and increase costs for sellers. In addition to this, it may prevent the majority of buyers from viewing properties.
However, winter may be the best time to sell your home if you live in a warm-weather state like Arizona or Florida. In the winter, there are a lot of tourists and seasonal residents who may decide to buy a second home in these states or move from their current residences.
Determine the Best Time to Sell Your Home in Chicago
When deciding the best time to sell your Illinois home, you need to consider certain other factors. Here are some additional variables to consider in addition to monitoring the calendar.
Market Conditions
Over the last few years, we have seen a nationwide seller’s market. In a seller’s market, there are more interested buyers than available homes. For a seller, this is ideal. Requests for home inspections or reports are often ignored. As a result, many sellers have the option to sell their homes as-is in order to close quickly.
However, there has been a market shift in the second half of 2022. Homes are staying on the market a little bit longer than usual and the prices are levelling out. If you sell in a buyer’s market, you should be aware that your home’s sale price and average days on the market will both be affected. This means that when you list your house, you must be more thoughtful. A home inspection and any necessary updates should be made before listing in a market.
Making improvements to your home before listing it will increase your profit even in a buyer’s market because modern buyers prefer move-in-ready homes.
Reasons Why You Want to Sell
The Federal Reserve has raised interest rates several times this year, reaching a 14-year high of 6.29% as of September 22. Many buyers are taking a step back as they reconsider their ability to afford a new home.
Home prices in Illinois, however, continue to rise. According to Redfin, the median home sale price in October was $253,700, a 0.6% increase from October 2021. But homes spent an average of 54 days on the market, 29 days longer than in August 2021. Therefore, if you are okay with your home spending a few more days on the market, you can prepare your home for sale.
Moving can become even more urgent due to family milestones, retirement, and job changes, which often forces you to sell during a slower season.
Can You Afford to Sell?
Many people focus on the 5–6% that is typically paid in agent commissions when selling a home. However, the overall expenses associated with selling a house can be closer to 10% of the sale price. Some of these extra expenses include seller concessions, closing costs, and repair costs.
Each of these costs is detailed in our extensive guide on how much it costs to sell a home. You can estimate the total costs of selling your home using our closing costs calculator.
What are Closing Costs in Illinois: Do check our complete guide on Closing Costs in Illinois.
Should I sell my Chicago home Now or Wait Until 2023?
The housing market has apparently cooled off. Yet, home prices in some areas continue to rise.
Reasons to Sell Your Home IN 2022
- Low Inventory: The construction sector is still battling to resume. Therefore, existing home sales have increased. This makes 2022 an excellent time to sell your home before the recession reduces demand.
- High Prices: According to experts, it is still a sellers’ market. Sales are consistent and prices have no significant reduction.
- Rising Cash Home Sales: Cash home sales increased in 2021 and remain a popular investment option. These cash buyers are eager to purchase and flip houses.
Reasons to Wait Till 2023
- Recently Purchased: If you have recently purchased a house, it may be better to wait until you have enough equity to cover your mortgage and closing costs.
- Distressed Home: If you have a home that needs repair, you can wait and fix it for maximum profit.
Cash Home Buyers in Illinois: Check out the companies that buy houses for cash in Illinois.
Tips to Sell Your Home in Chicago
The best time to sell your house is whenever you are ready. Here are some home-selling tips for you to consider.
List on MLS
MLS or the Multiple Listing System is a local database used by real estate agents to list properties for sale. Only a licensed real estate agent in IL have access to the MLS. There are 600+ local MLS’ in the US. You must list your property only on your local MLS. Only then will your local buyer agents be able to find your listing.
Homes listed on the MLS sell faster and for 17% more. List your home with a Flat Fee MLS listing service like Houzeo at $349 and gain maximum exposure.
Houzeo is one of the best Illinois Flat Fee Listing platforms that provides affordable flat fee packages. The amazing tech features provided by Houzeo.com enable you to list within minutes. You can make changes to your listing easily, and manage showings and offers received on your home online.
How to List On MLS in Illinois: Know the benefits of listing on the MLS
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Price Your Home Competitively
The single most important factor in determining how quickly a home sells is the listing price. The listing price is essential for drawing potential buyers whether you’re selling a home yourself or with the help of a real estate agent.
Real estate brokers perform a Comparative Market Analysis (CMA) to determine what a property should be listed for. You can quickly create your own CMA with Zillow and Redfin and learn how to sell a home in your state.
How to Price Your Home for Sale: Learn to Price Your Home Competitively with Houzeo.
Hire Professional Photographers
Professional real estate photography is unquestionably important and should not be ignored. Homes that had professional photography sold 32% quicker! That’s why real estate photography has been the buzz in today’s real estate marketing strategy.
A skilled real estate photographer will know how to showcase your home and enhance its appeal once it is listed online. Getting a real estate photographer is essential, whether it’s for an MLS listing, a flyer, or a photo for the yard sign. Choosing the right real estate photographers in chicago will be the key step in getting more views for your property online and will help it to sell faster.
Real Estate Photography Chicago: Know how you can make your listing attractive with the best photos of your house!
Market Your Home
Sellers should look for creative ways to market their houses to increase sale probability. A clean and well-prepared home combined with the correct marketing strategy can help you attract a large number of buyers.
Online home searches and reviews are done by 95% of buyers. Therefore, obtaining the most online exposure is a seller’s top priority when selling their home, along with other marketing strategies. For this, you can list your home on popular real estate platforms or for sale by owner websites.
Creative Ways to Market Your House: Know how to make sure that your listing stands out from others!
Hire Home Staging Services
Home staging companies or services stage and prepare your home for listing photographs and walkthroughs. A staging company is usually made up of professional home stagers who can make your home look appealing. Overall, a home staging company can assist you in attracting more potential buyers.
Professional home staging entails cleaning, rearranging or renting furniture, and employing other aesthetic techniques to make your home more visually appealing.
Home Staging chicago: Check out the best home staging companies in Chicago.
Final Word
You’ve already set yourself up for success by conducting appropriate research, priced your home competitively, and selecting the best offer. However, the best time to sell a house in Chicago is when it makes the most sense for you.
Happy Selling!!
Frequently Asked Questions
What is the best month to sell a house in Chicago, IL ?
The best months to sell a house in Chicago, IL are May, June and July. Sellers may earn thousands of dollars more if they sell during these peak months.
Why is spring the best time to sell a house?
The market's increasing demand in the spring drives up sale prices, making it the optimum time to sell a home.
Also Read
- Selling a House by Owner in Chicago: Know about the Ins and Outs of Selling a House in Chicago.
- Selling Real Estate in Chicago: Know everything about selling a house in Chicago.
- Closing Costs for Seller Illinois: Are you finding it hard to understand the seller closing costs in Illinois? Here’s our guide to make your house-selling endeavor easier!
- Closing Cost calculator Illinois Seller: Want to know how much will you make selling my house in Illinois? Check out this Calculator.
- Seller Disclosure Laws Illinois: Read to Know How to Ace Your Disclosure Process
- Discount Real Estate Brokers in Chicago: Check out our rankings of the Best Discount Real Estate Brokers in Chicago.
- Real Estate Websites in Illinois: Sell with the best real estate websites in Illinois.
- Standard Real Estate Commission Illinois: Real estate agent’s commissions Illinois are around 5%-6%. Know more
- Best Time to Sell a House in Illinois: Know about the selling price of a house in Illinois.
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