Don’t Let These Two Concerns Hold You Back from Selling Your House

If you’re considering selling your home in Chicago, unanswered questions may be causing hesitation. Are you unsure if selling makes sense in today’s market or worried you won’t find a home you love? MPG is here to help tackle these concerns.

Is It a Good Time To Sell Your Home in Chicago?

If you already own a home, you may be hesitant to sell due to higher mortgage rates for your next property. However, your equity might make your move more manageable than you think.

Home equity—the market value of your home minus what you owe—has risen dramatically due to recent price growth. Dr. Selma Hepp, Chief Economist at CoreLogic, shares:

“Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity and almost $129,000 more than at the onset of the pandemic.”

This means you could use your equity to make a larger down payment on your next home, reducing your need for financing. In some cases, homeowners can even buy their next property in cash, avoiding mortgage rates entirely.

Can You Find a Home You’ll Love?

If inventory concerns have held you back, there’s good news. The number of homes for sale is increasing, giving buyers more options. Realtor.com data shows inventory is up nearly 30% year-over-year, creating opportunities for buyers (see graph below):

While inventory is still below pre-pandemic levels, it’s higher than in recent years. This means Chicago homes are in a sweet spot: you’ll have more choices when buying, and your current home will still stand out to buyers.

Of course, every market is unique. That’s why working with real estate professionals like MPG is essential. Our team has the expertise to help you navigate the nuances of the Chicago real estate market and identify the best opportunities for your move.

Bottom Line

Don’t let doubts stop you from selling. Connect with us---we're happy to help you address your concerns and take advantage of today’s market.