Embarking on the journey of buying a new home while selling your existing one in Chicago, Illinois, can be a challenging yet rewarding endeavor. The Windy City’s unique real estate landscape, coupled with expert guidance from a real estate agent, can make this process smoother and more efficient.
Understanding the Chicago Market
In Chicago, the largest city in Illinois and the third-largest in the United States, about 40.4% of homes were built before 1940, adding up to almost 500,000 properties. This statistic, highlighted by the Chicago Tribune, underscores the city’s rich architectural heritage and diverse housing options.
The Role of Real Estate Agents in Chicago
Engaging a real estate agent is a smart move in Chicago’s complex market. According to HomeLight, the average real estate commission in the U.S. is 5.8% of the home sale price. Investing in a local agent can provide valuable insights and support throughout your buying and selling journey.
Concurrent Buying and Selling Trends
A notable trend in the Midwest, especially in Chicago, is the practice of purchasing and selling homes at the same time. As per HomeLight’s Top Agent Insights report for Summer 2023, 41% of clients in the region aspire to handle both transactions simultaneously. This approach demands careful planning and a thorough comprehension of the market, which is where real estate agents in Chicago can provide invaluable guidance and expertise.
Advantages of Removing the Home Sale Contingency
Consider removing the home sale contingency when navigating simultaneous transactions. This strategy can lead to potential savings of up to 17% on the home’s sale price, as estimated by agents in HomeLight’s Top Agent Insights for Summer 2023. However, this approach should be balanced with careful financial planning and market considerations.
The “Buy Before You Sell” Program
The Buy Before You Sell program offers an alternative for those in the Chicago market, enabling homeowners to purchase a new property before selling their current one. This option can ease the pressure of aligning the timing of both transactions.
Tips for Buying and Selling with a Realtor
- Market Research: Familiarize yourself with Chicago’s housing landscape, considering the city’s historical and emerging neighborhoods.
- Financial Preparedness: Assess your financial readiness for both buying and selling. Discuss the possibility of removing the home sale contingency with your agent.
- Timing and Coordination: Align the timing of your sale and purchase, potentially exploring temporary housing or leaseback options.
- Effective Marketing: Ensure your property is well-presented and strategically marketed to attract potential buyers.
- Negotiation Skills: Leverage your agent’s expertise to negotiate favorable terms for both your sale and purchase.
Navigating the dual process of buying and selling in Chicago’s diverse real estate market can be intricate. However, with informed insights and the guidance of a seasoned real estate agent, this journey can lead to successful outcomes. Remember, thorough planning, market understanding, and expert advice are key to navigating this complex process.
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