Chicago Homes Selling at a Faster Rate

 

Some good news for Chicago homeowners who will soon put their house up for sale on the Chicago real estate market. A recent study by the National Association of Realtors reported that the time it takes to a sell a home is now decreasing.

In July 2012, the median time it took for a home to sell was 69 days. One-third of homes that were purchased in July were sold in less than a month, while one in five took at least six months to sell.

The reason for shorter selling times? Home inventory has decreased, and this means there is more of an equal balance between homebuyers and home sellers. It is also important to note that homes priced at a reasonable market rate will sell more quickly than homes listed higher than the market average.

Homes began selling faster last spring and continued to sell at a solid rate throughout the summer.  Around this time in 2011 homes were taking 98 days to sell, so this year’s numbers are quite an improvement.

During the housing boom of 2004 and 2005, it took about four weeks to sell a home. In comparison, homes took about 10 weeks to sell during the economic downturn of 2009.

Some homeowners are still afraid to put their homes on the market because they are concerned that prices may decline again. Others aren't selling their homes because they are underwater on their mortgage.

However homeowners will be pleased to learn that this positive trend in home selling is expected to continue, and that home prices have risen in recent months.