What Is the Average Time to Sell a House in Chicago?

What is the best time to sell a house in Chicago?

The seasonality of real estate is a major factor that can have a big impact on the length of time it takes to sell a home and the final sale price.

• Best time for more money: Based on HomeLight’s Best Time to Sell Calculator’s transaction data, June is the most favorable month if you want to get more money for your Chicago home. Closing usually takes about three months, so listing your Chicago property in April could result in a sale price that’s 5% to 6% higher than the yearly average.
• Best time to sell fast: If your priority is to sell your Chicago house fast, our data indicates that the quickest home sales occur in June. Listing your house in June could help you close the sale much faster than in any other month, given the usual three-month period from listing to closing.

“In Chicago, you want to list between January and June. Once you hit about July or August, it really starts to slow down, and then it gets even slower. If you’re a buyer, buying in the fall and the winter, September through December, is when you’ll get your best deals,” says Dowell.

“If you’re a seller, you want to sell between January and typically May or June at the latest,” she adds.

Remember, these are averages and trends that can help guide your decision, but individual outcomes can vary. Want to get a personalized estimate for the best time to sell your home? Use our Best Time to Sell Calculator for insights tailored to your specific location.

What factors influence the home-selling timeline?

When it comes to selling a house, several factors can impact how quickly it sells. These range from the home’s specific attributes to broader market trends and the pricing strategy you employ.

If your home has some of these less desirable attributes, consider how you can mitigate their impact, such as staging the house creatively or highlighting other appealing aspects of the property.

“Chicago is very macro, micro. You have to really know your neighborhoods, your architecture, your price points. Sometimes it can be a little different every year,” says Dowell.

“Right now, we’re doing really well in Lincoln Park, and Lakeview has great numbers. Even in West Town, Bucktown — there are some other neighborhoods that are also still selling. Maybe not selling as much of a premium or as quickly — it just depends on what the product type is. [Homes priced] under a million tend to go pretty quickly because there’s just so much of a larger buyer pool for that type of product,” Dowell adds.

What will help my Chicago house sell faster?

To maximize the chances of a fast home sale, you’ll want to emphasize the most desirable aspects of your property and to entice Chicago-area buyers. Here’s a list of tips to help your Chicago house sell faster:

• Emphasize desirable features: If your home has desirable features that Chicago buyers often seek, such as an office, a large yard, an open kitchen, or proximity to highly-rated schools, make sure these are highlighted in your listing.
• Minimize the downsides: If your home has small bedrooms or sits next to a busy street, consider strategies to mitigate these less desirable features. For instance, you could use creative staging to make smaller rooms appear larger or invest in window upgrades to minimize traffic noise.
• Use home staging: A well-staged home can help potential buyers visualize living in the space and can often lead to quicker sales and higher selling prices.
• Price it right: An overpriced home can sit on the market longer, so ensure your home is priced competitively based on recent sales of comparable homes in your area. Your agent can provide you with a comparative market analysis (CMA), a report that informs your pricing strategy as it takes into account factors like property location, size, condition, and current market trends.

Remember, what works best for your home sale will depend on your particular property and circumstances. Working with a knowledgeable real estate agent can be a big help in formulating an effective selling strategy.

How should I prepare my Chicago house to sell?

Preparing your house for sale is important for attracting buyers and achieving a fast and profitable sale. Here’s a list of preparation tips when selling your Chicago home:

• Deep clean: A clean house gives buyers a positive first impression and signals that the home has been well-maintained.
• Declutter: Free up space to make your home appear larger and allow buyers to envision their own belongings in the house.
• Apply fresh paint: A fresh coat of paint can make a home feel new and inviting. Choose neutral colors that appeal to a wide range of buyers.
• Address repairs: Fix any minor issues, like leaky faucets or chipped paint, to keep buyers from using them as an excuse to negotiate the price down.
• Enhance curb appeal: To attract more buyers, improve the home’s exterior with well-maintained landscaping, freshly painted doors, or new outdoor lighting.
• Stage the home: Home staging can help buyers visualize living in the house. This can include arranging furniture or adding decor to enhance the home’s appeal. From staging only the key rooms to renting a few statement pieces, there are many ways to reduce home staging costs.
• Tidy up outdoor living spaces: In the Chicago area, outdoor living spaces like patios and pools are highly desirable. Make sure these areas are clean, inviting, and well-lit for evening viewings.
• Service the heating systems: Ensure your heating unit is serviced and working optimally, as buyers will likely check this in Chicago’s low winter temperatures.

Remember, each house will have unique preparation needs. A local real estate agent can provide tailored advice for your property.

How can I decide when to sell my Chicago house?

Deciding when to sell your house can be a complex process that involves taking into account a variety of factors. This could include personal circumstances, market trends, and the specific attributes of your home. Here are some steps to help you make this important decision:

1. Evaluate your personal and financial situation: Consider why you’re selling and whether now is the right time based on your personal and financial circumstances. Do you need to relocate for a job? Are you looking to downsize or upsize? Do you need the funds from the sale for another investment?

2. Understand the market: Research the current real estate market conditions in Chicago. Are homes selling quickly? Are prices rising or falling? A local real estate agent can provide insights into these trends and help you understand what they might mean for your sale.

3. Analyze your home’s readiness: Consider the condition of your house. If it needs significant repairs or updates, it might be worth delaying the sale until these tasks are complete.

4. Use available tools: Utilize tools like HomeLight’s Best Time to Sell Calculator, Home Value Estimator, and Net Proceeds Calculator to get personalized estimates to help plan your home sale.

5. Consult a professional: A top local real estate agent can offer invaluable advice tailored to your specific home and situation. They can provide insights into local market conditions, help you understand how your home compares to others on the market, and guide you through the selling process.

How can I sell my Chicago home fast for cash?

There may be circumstances where you need to sell your Chicago home quickly and are willing to accept a cash offer to expedite the process. While a cash offer will typically mean accepting a discounted purchase price, the speed and convenience may be the solution you need if you are relocating for a job, dealing with financial difficulties, or managing an inherited property that you can’t maintain.

While you could reach out to individual house-buying companies or look for “We Buy Houses” websites, there’s an easier and more efficient way to sell your house for cash — through HomeLight’s Simple Sale platform.

Simple Sale connects you to one of the largest networks of cash buyers in the U.S., streamlining your home sale process and letting you control your move-out date.

By answering a few questions about your home and selling plans, you can receive an all-cash offer with no obligation in as little as 24 hours. This means you could close on your Chicago home sale in as few as 10 days.

Ready to sell your Chicago home?

Selling your Chicago house can be a significant undertaking, but knowing the average time it takes to sell and the factors that can speed up the process can give you a competitive edge. By preparing your house effectively, pricing it right, and timing your sale, you can optimize the selling process and potentially achieve a faster sale and a better price.

“If the seller gets a good real estate agent, the real estate agent is there to help promote the property and get them a premium. And that comes from all things, knowing the comps, understanding the finished package, architecture, being able to stage the home, getting the right pictures, being able to get videos, and having them go viral,” Dowell says.

You might want to sell your home on your own, but it’s important to understand that selling your home for-sale-by-owner can result in you earning less money overall. Data from the National Association of Realtors shows that FSBO property typically sells for $55,000 less than properties sold with the help of a trusted agent.

“A lot of realtors can sell you a place, and they can be a buyer’s agent. But to be a seller’s agent, to be really good, it’s definitely a different art. It really is an art. And I think you really see things that other agents don’t, and you see things that sellers don’t. So, the amount of commission that you’re going to pay is going to come back to you tenfold, in my opinion,” Dowell adds.

If you’re considering selling your house in Chicago, it’s a good idea to get expert advice tailored to your specific situation.

HomeLight can connect you to top-performing local agents who have a track record of selling homes quickly and for the best price. These agents can provide valuable insights into the Chicago market and guide you through each step of the selling process.

Header Image Source: (Roger Starnes Sr/ Unsplash)