Chicago is a “Seller’s Market”

According to CNBC, Chicago is currently a “seller’s market.”  Chicago’s biggest “seller’s markets” are those in which most of the area’s Fortune 500 employees reside.  Chicago real estate inventory level had not seen a change between May 2013 and May 2014.  The inventory currently averages 68 days on the market.  Also, Chicago’s foreclosure rate is declining.  These foreclosures are either sold or redeemed before the foreclosure process can be completed, and it is happening faster than new foreclosures can appear on the market.

“Right now, many North Side Chicago neighborhoods are experiencing a seller’s market.  A majority of today’s home buyers want a home that has already been updated, which is fantastic for investors who are acquiring properties to flip.  We need more high quality constructed and renovated homes on the market, in order to meet the current buyer demand,” Glynnis Johnson, @properties Real Estate Broker.  According to Redfin, investors earn an estimated $86,700 per flip in Chicago. 

Where are you investing? Do you believe your areas to be a “seller’s market”?