Buying a Home in the Hot Illinois Real Estate Market
Illinois real estate transactions have been on the upswing in late 2020 and the first few months of 2021. According to an October 2020 report from ABC 7 Chicago, home sales in the state were up 34% since October 2019 with a median price of $233,000.
Consider these strategies if you are a first-time homebuyer or planning to trade up in this competitive housing market.
Hire an Experienced Agent
Your realtor should have extensive knowledge of your target market in Kendall County or other Illinois areas. When hiring a real estate agent, ask about his or her track record for buyers. You should look for someone who reports winning at least half of his or her property offers.
Prepare an Attractive Offer
With limited inventory on the market, you will likely compete with other buyers when you make an offer. Be ready to offer more than the listing price and have financing in place. Sellers are less likely to accept offers with attached requests and contingencies.
If you can afford to increase your budget, you will find more inventory above the $150,000 price point. Single-home construction has also decreased in Illinois, so more buyers may want to consider townhomes, condos or older homes primed for renovation. While neighborhood, location and floor plan are rightful dealbreakers, properties that need superficial updates should make your shortlist.
Having a professional team on your side to prepare offers as well as negotiate and review purchase contracts can help the process of buying a home go more smoothly in a competitive residential market.