It’s one week after the Superbowl (and the oft-talked about commercials), and true to form, the Chicago real estate market is heating up.
(Yes, and we’re experiencing a bit of spring weather, too – it’ was 41 degrees, according to my car and weather.com says it’s 46 degrees in Lincoln Park today!)
Superbowl kicks off the spring real estate market in Chicago. It’s been that way for the 23 years I’ve been selling, and I strongly suspect that our early calendar (compared to suburbs) is due to the May 1 rental date that has long been a Chicago tradition. To vacate a home by May 1, the new home must be purchased one-two months prior to allow for financing and other closing preparations…. thus contracts must be signed March-April 1. Thus, February is a prime home shopping month in Chicago.
Looking at weekly figures for my real estate market*, basically the north side of Chicago, I see that this year is no exception. This week, 360 new listings hit the MLS – the highest since September 10, 2010.
If we looked at closings, we’d be looking in the past. We should look at contracts signed — in real estate jargon – contracts written or pendings. The last two weeks were terrific compared to the previous 6 months! Both weeks, 184 contracts were agreed to and signed by buyers and sellers.
Interest rates are creeping up – this may be one of the reasons that buyers are jumping in the waters.
Listening to Larry Kudlow on the radio yesterday, who thinks we’re in a mini-boom (high yield curve, high stock market, high gold, record corporate profits…) one must begin to think that
THIS IS THE MOMENT —
If you’re a buyer, or if you’re thinking of buying in the next 3 years….
NOW IS THE TIME!
For information on taking advantage of this real estate market, contact Anne Rossley at Prudential Rubloff. Anne specializes in selling homes on Chicago’s north side. to see a city report of Prudential’s Premer Market Watch, select this link.
* Market statistics from MRED — areas 8008,8007,8006,8005,8004,8003,8077 attached and detached
copyright, 2011, ANNE ROSSLEY real estate