The Chicago Spring 2022 real estate market, typically starting in late-February and March, has begun! In fact, the busy 2021 real estate market barely took a beat for the holidays and is active early this new year.
What this means for homeowners who want to sell this year and homebuyers who are looking is that it’s not necessary to wait until the typical spring months to benefit from the active spring real estate market.
There are three things you can expect from the 2022 real estate market.
1. Many more millennials will become homebuyers.
According to Rick Sharga of RealtyTrac, “the largest cohort of millennials is approaching prime age for first–time homeownership …” in 2022. These millennial first-time homebuyers often have enough resources to buy more than a starter home. Your home may be the home they’re looking for and are ready to buy.
2. There is expected to be a return to the city and the return of the condo as people who fled the city and moved to the suburbs now have had a taste of suburban life.
Some may love the ‘burbs and stay, others will miss Chicago city life and go back. That coupled with more first-time homebuyers who’ll want a South Loop condo or other city dwelling, points to a resurgence in the Chicago downtown neighborhoods and cities.
3. An increase in interest rates.
Simply put, if your mortgage rate goes up, your payment for the same property will increase by quite a bit.
If you’re waiting because you don’t have the downpayment you think you’ll need for a lower interest rate, think again. According to Justin Lopatin of guaranteedRate mortgage, “Your downpayment doesn’t determine your interest rate. Your interest rate is determined by your credit.” According to Justin, “the best rates live among the 740 (credit score) and higher range.”
The bottom line …. If you know you want to sell your home in 2022, there’s no need to wait until the spring months because the typical Spring Real Estate market has already started.
If you are going to buy a home in the suburbs or the city areas of Chicago, including the S Loop, West Town, Lincoln Park, River North, Gold Coast, Bucktown, or nearby areas, I’m here to assist you in finding the best deal on a condo that is on or not yet on the market.
Private listings are everywhere but you’ve got to know a guy. I’m your real estate guy in the South Loop of Chicago. Text me, Bruce Glazer, at (765)914-8199.