Should You Buy, Should You Sell?

Posted by Ri Prasad on Friday, January 21, 2022 at 8:56 AM By Ri Prasad / January 21, 2022 Comment

Real Estate is going bonzo, so what’s happening locally here in the Chicagoland Real Estate market.

Should you buy, should you sell, should you wait?

Well, let's look at what the data is telling us.

Hi my name is Ri Prasad with Ri Prasad Luxury Group of Option Realty and I’ve been named 2021’s fastest growing agent in the country so there isn’t much that I haven’t seen or experienced.

In Chicago, for single family homes we only have .9 months of inventory, this is considerably low. That means if no more homes came on the market, it would take less than a month to sell all the homes.

I’ve never seen numbers that low in all my years in the industry.

The average days on market is 18 days, now remember this is the average, we are seeing homes go pending much more quickly than that and it all depends on type, neighborhood and price range.

I do advise to leave your home active for at least a week so that you have the opportunity to get the highest quality offer, if you take an offer too soon, you may lose out on other offers that are coming your way.

The Average Sales Price in the West Town neighborhood of Wicker Park zip code 60622 is $695,915 with only 53 homes listed for sale from January to March which shows a decline in the number of properties listed by 62%. Less homes on the market with more interest, this is driving up the prices.

The Average Sales Price in zip code 60647 is $689,656 with only 169 homes sold from January to March which shows a decline in the number of properties listed by also 62%. We are seeing the same trend here, not as many properties on the market to fill the needs of the market which is leading to higher pricing.

You must be asking yourself, how is the market doing now?

Well it’s SMOKING HOT!! If you want more information about the market in your neighborhood, remember that we are your Community Market Leader Specialists.

So give us a call here at Ri Prasad Luxury Group as we’re always here to help, and as always make it a great home selling and buying day.