It can be difficult to know what to expect from the real estate market over the holidays in Chicago. In this post, we offer up the latest information so you can make the right decision about buying an investment property in Chicago.
Buying investment properties over the holidays in Chicago can be very profitable in the long run. With fewer people out there buying, your competition lessens dramatically, allowing you to take advantage of some of the best Chicago real estate deals you can find. Below, we will let you know what to expect from the market this time of year as well as what you can do to get your hands on an Chicago investment property fast!
Real Estate In Winter
During the winter months, the market tends to slow down. People are busy with other things and the weather stops many people from attempting to put their home on the market or think about buying a new one. With fewer people out there buying and selling, you will be able to better capitalize on the Chicago real estate deals available to you. There is less competition, thus prices will be lower across the board. Sellers, agents, and professional buyers will all welcome your business, especially when things are so slow! Here are a few reasons why you should buy your investment property right now in Chicago!
Statistically, during the winter months, there are fewer buyers which means less competition for you. Without as many people flooding the market, you can be sure that your offer will be received and noticed by the seller. With fewer properties on the market, properties will typically sell for much less than they would during the summer months, making it the perfect time for you to cash in on an investment property in Chicago!
Most people wait until the summer to sell their house. There are more people looking, the weather cooperates, and the market is typically bustling with people who are looking to buy and sell houses in Chicago. If a home seller wants to get rid of their property during the winter, when they are likely to receive less, there is often a reason why. Home sellers may be faced with a difficult situation such as divorce, repairs, liens, or tax problems. Some may not be able to pay their mortgage, putting them at the risk of foreclosure, and nobody wants to lose their home. Sellers in these situations are more likely to want to sell quickly and will be very responsive when realistic offers are presented to them.
The entire process typically happens much more quickly in the winter than it does in the summer. With a slower market, there are far fewer transactions that will need to be processed. title companies, lenders, banks, appraisers, inspectors, and contractors will all have more time to serve you as they won’t be as caught up in other projects and transactions. You will be able to close much more quickly than you would be able to during the summer months, thus being able to cash in on your new property much more quickly, hopefully making a profit right away.
Find Out How Tough The House Is
During the spring and summer months, the property may seem great. But what happens during the winter when you realize that the insulation is terrible and the heater isn’t up to the task of heating the house? Buying a house during the colder months will allow you to see how durable your potential property really is. Knowing it can withstand the elements is critical as a home buyer in Chicago. You will have a greater knowledge of the property and be better able to negotiate the price you want to pay for the house.
Low Interest Rates
With interest rates being so low, now is the time to make your real estate purchase. If you plan on holding the property for the long-term, lower interest rates will play a huge part in how much you will be able to make from the property over time. Don’t wait until the rates go up again! Take advantage of the low rates so you can buy the property you want, and the price you want, while still making a profit month after month.
If you are interested in buying an Chicago investment property this winter, we would love to help! We find the best local investment real estate available, passing the savings on to you. Don’t miss out on all of the great deals to be found this winter! The team at Chicago Home Buyers would love to help you find what you are looking for without charging you a dime in commissions or hidden fees.