Chicago Homes Are Taking Less Time to Sell

real estate in Chicago marketAccording to a new study by the National Association of Realtors, the length of time it takes to sell a home is now decreasing. This is good news for Chicago homeowners who may be worried about how long their house will be on the real estate in Chicago market.
During the month of July, the median time for a home to sell was 69 days. One-third of homes that were purchased in July were sold in less than a month, while one in five took at least six months to sell.
One of the reasons for shorter sell times is that home inventory has decreased, which creates more of an equilibrium between homebuyers and sellers. Also, homes that are priced at a reasonable market rate will always sell more quickly than homes that don’t match the market average.
A decrease in selling times began in the spring, and remained steady throughout the summer. Around this time last year homes were taking 98 days to sell, so this year’s numbers are quite promising in comparison.
During the housing boom of 2004 and 2005, it took about four weeks to sell a home. In comparison, homes took about 10 weeks to sell during the economic downturn of 2009.
There are still many homeowners who are afraid to sell their homes because they are worried prices might decline again. Other homeowners are avoiding putting their homes up for sale because they are underwater on their mortgage.
Ultimately, though, the positive trend in home selling is expected to continue, especially since home prices have begun to rise in recent months.