Seasonality in the housing market has long been a component in how fast a listing will sell, especially if you live in the Chicago area. Winter is notoriously slow, however there are other factors impacting sales beyond the four seasons. Housing Wire recently published an article breaking down which months are better for selling and why.
Perhaps it is no surprise the largest growth in sales volume happens from February to March. This month-to-month marker is notable as, historically, the percentage increase determines how the real estate market will react for the rest of the year.
Another marker is mortgage applications. Typically February is the most active month for home buyers seeking mortgage approvals. As our economy stabilizes, banks approve more mortgages. Home buyers then can list as they search for their next property.
According to Chief Economist Tian Liu at Genworth, the market saw a 20% increase in February mortgage applications in 2015. 2016 saw a 31% rise, the largest February increase in 18 years. This sharp uptick in inventory stimulates the market, so all signs are pointing to a great year in sales.
Of course, these are national numbers, so what does that mean for our area? Liu says the Midwest tends to see its largest monthly share of home sales in May, and continues a steady stream through the end of August. To read his full article, please click here.
So if you have been considering a move in 2016, it’s not too late. McCleary Group’s top team of seasoned real estate agents would be happy to help you navigate the local real estate market in Hinsdale, Clarendon Hills, Oak Brook, Burr Ridge, Western Springs and throughout the western suburbs. Contact McCleary Group today!