If you’re planning to sell a home in the area, you might need to pack your patience. Recent data shows that Chicago is one of the “slowest” housing markets among the major metros when based on median “days on market.”
Despite losing residents at a high rate, Chicago is still America’s third largest city and the economic driver of the Midwest. Although there is not a negative impact of buying a house in 2019 versus 2020, it is strongly advised by experts to purchase a house next year. In 2020, the largest group of Millennials will turn 30, which will be good news for an industry that may need it.
The National Association of Realtors’ annual home-buyer profile has recorded an average home-buying age of 30 that has stood for decades.
While young people have flocked Downtown, bringing with them corporations seeking skilled workers, Millennials will likely turn back to the suburbs when it comes time to buy. But because so many jobs have moved from the suburbs to Downtown, Millennials will likely look for housing in inner-collar suburbs that have urban amenities like public transportation and walkability.
The year 2020: where inflation and financing qualification could hurt prospective buyers. According to Zillow, rising mortgage rates are encouraging homeowners to stay put and discouraging would-be buyers.
Higher interest rates should eventually slow the intense pace of home value appreciation that we have seen over the past few years, a welcome relief for hopeful buyers. Overall, home prices aren’t expected to grow much, and market crashes are highly unlikely. That should make it a safer purchase for buyers and more difficult for sellers to get the best price possible.