The West Loop is a dynamic, lively neighborhood with a unique industrial vibe. It offers many housing options, from historic buildings to contemporary high-rises and lofts. Families and young professionals are drawn to this community-oriented area, which hosts many events and activities throughout the year.
The neighborhood's trendy shops and world-class dining, especially on Randolph Street, make it a popular destination for visitors from other parts of the city. If you currently reside in the West Loop and plan to downsize, upsize, or relocate to another region, you may want to know when is the best time to list a house. If so, this article is for you.
Timing matters
Timing is a significant factor in determining how quickly a sale occurs and how much profit is made. However, timing is not just about the month and the day. It also has to do with what is happening in the market. Admittedly, market forces play a more significant role, but selecting the optimal month and day can add to your success.
Seasons play a role
Seasons can impact home sales, especially in areas like the West Loop that experience all four seasons. The benefits and drawbacks of selling during different times of the year are outlined below.
Spring and summer
The spring and summer months are the best time to sell a home in the West Loop and the Midwest. The competition for buyers will peak during the spring and summer. For many Chicagoans, the thought of spring gets them through the long winter months. As soon as the weather warms up, they are eager to get outdoors, which makes it the perfect time to start house hunting. Also, many leases end in the summer, so people need to find a place beforehand.
Summer is also a great time to list a home, especially if your house has outdoor space that you can show off. Most families look for homes once the children are out of school. They want to get a new place before the start of the next school year.
Fall and winter
Although fall may not be the most favorable time to list a home, it is still a viable option. Buyers who could not find a suitable property during the spring or summer are generally more eager to make a deal. However, as soon as October arrives, the window for selling a home closes rapidly.
Listing a home in the West Loop during winter is not recommended. The winters can be severe, and most residents spend the least time possible outdoors. While sellers may face less competition during this time of year, the number of people willing to move during the holiday season and colder months is significantly lower.
Peak months
It is a common belief that spring and summer are the best seasons to put a house up for sale, and that perception is accurate. While it is not groundbreaking news to discover the top three months for listing a home, observing how profits rise or fall depending on the month is fascinating.
According to a study conducted by ATTOM, a real estate data aggregator, May, June, and April are ideal for home sellers who wish to maximize their profits. The study revealed that sellers typically earn 12.8% more in May, 10.7% more in June, and 10.3% more in April, compared to the other nine months of the year.
The next two months for optimal home sales are March and July, which come in at 9.7% and 9.6%, respectively. The remaining seven months present a range of profits between 8.7% in February and a low of 6.3% in November.
Best and worst day
When it comes to selling your home, the day you list it can make a difference in how long it takes to sell and how much profit you make. Thursday is often the best day to list your home. This is because many homebuyers search for properties online on Thursdays to find homes they can view over the weekend. Homes listed on Thursdays also tend to sell for a higher price than homes listed on other days.
To maximize exposure for your home, many real estate agents recommend listing on a Thursday near 5:00 p.m. This is when people often browse online for houses after work, allowing them to plan their weekend of house viewings.
It is best to avoid listing your home on a Sunday or early in the week (Monday to Wednesday). These days typically see the least amount of online traffic from house hunters, meaning your listing may get overlooked.
Tips for success
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As the saying goes, all real estate is local. Contact an agent that knows the West Loop real estate market. They will have sales information specific to the area and be able to develop a strategy to sell your home fast for the most profit.
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Allow enough time to prepare your home for sale. Cleaning, updating, and making repairs takes longer than most people realize. Do not wait until you list your home to start these projects.
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Consider asking about staging your home and obtaining professional-grade photographs when speaking with your agent. The National Association of Realtors reports that 94% of people search for homes online, so it is important to avoid poorly staged homes and subpar pictures that could potentially decrease interest in your property.
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Sometimes, homeowners may not have the luxury of waiting for the ideal season, month, or day to sell their property. However, with the help of a skilled and reliable agent, you can successfully sell your home any time of the year.
Let Jordan guide you
Preparing your home for sale and knowing what steps to take can be confusing and time-consuming. You need a trusted source that can guide you through the process. That is where Jordan Fuller, realtor extraordinaire, comes into the picture. Jordan's extensive experience in the rental market, home sales, and investment opportunities has made him a well-rounded and highly skilled expert in Chicago real estate.
Along with his team at Hello Chicago Homes, Jordan has helped numerous clients achieve their dreams of becoming homeowners. If you have any questions regarding selling, buying, or investing, contact Jordan at Hello Chicago Homes for expert advice. Give him a call today!
