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Choosing the right moment to move can be tough, but sometimes the market chooses for you—right now is one of those times.
Home-price growth remained in double digits for the 10th straight month in May as inventory lows pushed the median listing prices up 15.2% from last year, according to Realtor.com. The median list price of a home in Chicago grew 7.6% from last year while new listings grew 5.4% year over year.
The market continues to remain hot, and between low interest rates, increased vaccinations and a government stimulus package, the momentum should continue.
It’s not just that homes are moving at a remarkable rate, they’re also fetching higher returns. The median sale price was up 16.1% from a year prior in the nine-county metro area. It was also up 15.9% in Chicago and 14.1% nationwide, Crain’s Chicago Business reported.
In fact, the only thing holding the market back from even more remarkable growth is the lack of homes available to purchase. Inventory levels continue to be low, and homes are selling 32 days faster than they were a year ago and 18 days faster than they were between 2017 and 2019, according to Realtor.com’s Monthly Housing Trends report.
This means that the demand is outweighing the supply, and the prices of homes will continue to soar, while many are selling “as is.” You don’t have to refurbish or replace any parts of your house, from older kitchen counters to dated furnaces and anything in-between, and you will still get a great return on your investment.
Once you sell your home and think about your next move, know there is availability at Friendship Village, so you can pick the perfect apartment. However, with pent-up demand and a growing waitlist, our apartments are starting to fill fast, so the quicker you choose to move, the more options you’ll have.
If you need help capitalizing on this hot market, we have a preferred realtor network of experts ready to help you get top dollar for your home. There’s no telling when a situation this profitable will come around again. The market is ready, are you?
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You can find even more reasons why right now is the ideal time to move to Friendship Village, and more information, here.