5 Essential Tips for Buying a New Home in Chicago This Fall

Buying In The Fall

It's always fascinating to me when people buy. While there is the need of real estate throughout the year, Chicago and the midwest are a little different than the rest of the country. Of course, who wants to be going on home tours in the middle of January when it's -20 outside or on the flip side of July when it's feeling like 120. However, many that begin the search in spring and fall seasons think they are going to find a home relatively quickly but then realize they are up against several other factors and before they know it, there they are, waiting for a showing in that mid January time they were avoiding. Below are a few tips to get you prepared to buy really anytime and ensures you are in control.

1. Understand Market Trends

It's important to know where not only the market as a whole is going, but where the type of property you want is heading as well. A single family home in Lincoln Park will be much more competitive than that one bed, one bath downtown. However, many get caught up in the general media of real estate and lose focus on their search that is different from anyone else.

2. Prioritize Your Needs and Wants

With many different neighborhoods in Chicago, prioritizing your needs and wants is crucial. Consider factors such as proximity to work, schools, public transportation, and amenities. As you refine your criteria, ensure to communicate this clearly with your real estate agent. Once we review the Buying Process, I can assist in pinpointing properties that align with your specifications, saving you time and preventing unnecessary stress.

3. Don't Skip the Home Inspection

Site unseen. All cash. No inspection. These are all things people hear while on the search but don't get lost in the shuffle ESPECIALLY on the inspection part. While we will do our best on the search to gather as much info as possible (ages of mechanicals, roofs, windows, and more, as well as knowing general strcutural items and such) I highly suggest we get an inspection. This will allow a throughouh review of the proeprty. And reminder, going "as-is" still allows us for an inspection.

4. Be Flexible with Closing Dates

The closing date can play a significant role in your negotiations. During the fall, sellers may be more flexible with their closing dates due to reduced competition. Consider offering flexibility in your timeline, which might contribute to a more favorable deal for both parties. Collaborating with a seasoned agent (cough, cough...Dan Hellweg) can provide strategic insights into making your offer more appealing.

5. Leverage Seasonal Opportunities

Autumn offers unique opportunities for homebuyers. Sellers may be more motivated to sell before the onset of winter, leading to increased chances to negotiate prices. Additionally, many sellers might have lower market expectations during this season, allowing room for beneficial negotiations. Engaging with an experienced agent who understands the nuances of the market can help you identify properties that meet your criteria while capitalizing on the seasonal benefits.

Fall...Winter...Summer...Spring

So really, this can be "Buying in ANY Season" because as well informed client will be best positioned for any real estate need they may have! Even if we are seeing properties in January!

Think it's time to learn more? Let's connect on what a search will look like for you!