June 2023: Multiple Bids, 2nd Home Destinations, Investment Properties and Popular 2nd Home Destinations

Episode 8 / June 2023 - In this episode of the Chicago Real Estate Podcast, we will address the following questions submitted by our viewers: __________________________________________________ 00:23 - On Location Listing - 2001 W. Wabansia Unit 203 02:15 - Intro: Spring Season, Al Fresco Dining, Ironman Training, Waterparks 05:45 - Chicago Real Estate Update 09:50 - Will we ever see 2-3% Interest Rates again? 10:57 - What are buyers looking for in a home today? 13:10 - What NOT to do (and TO DO) in a multiple bid? 17:03 - Coolest things you've seen in outdoor spaces? 20:31 - Popular 2nd home destinations for Chicago? 23:23 - Our favorite summer activities in Chicago. 29:17 - Should you keep your home as an investment property? 32:06 - Our favorite new restaurants in Chicago. 37:30 - The best way to stay informed on neighborhood real estate activity? ____________________________________________________ Chicago's real estate market has been experiencing significant activity in recent months, with new listings finally hitting the market. In fact, the number of new listings in May was the highest since August 2022. Better late than never, I guess! However, buyers were prepared, and we observed a surge in the number of contracts written, along with the lowest market time since June 2022. It's worth noting that June 2022 was one of the last months when mortgage rates were in the low 5 percents. Multiple bids are once again dominating the real estate landscape. However, this doesn't mean that sellers can ask whatever they want for their homes. In fact, even overpricing a home by $10K can make a significant difference between receiving multiple offers and having the property sit on the market. So sit back, grab your favorite beverage and listen in as we give you a fun and energetic look into the Chicago Real Estate Market. Chicago Home Partner is your resource for all things real estate in Chicago. We're focused on providing data-inspired advice and education for today’s Chicago home buyer, seller or investor. Make sure to subscribe for upcoming episodes. CONNECT WITH CHICAGO HOME PARTNER: ⁠⁠Amanda McMillan⁠⁠ Chicago Home Partner ⁠⁠[email protected]⁠⁠ 773.537.1300 ABOUT CHICAGO HOME PARTNER Chicago Home Partner, a division of @properties real estate, was founded in 2002 by ⁠⁠Amanda McMillan⁠⁠. Amanda and her small team of associates continually rank in the top 1% (top 50) of sales for Chicago, as well as the top agent team in the @properties Bucktown office. Amanda has been featured by Crain’s Chicago, Forbes Magazine and CNBC for her insight on the Chicago city market. Chicago Home Partner has been recognized for the last 20 years as a leader in Chicago real estate with hundreds of five star client reviews across Yelp!, Zillow, Google and LinkedIn. Our goal is providing unparalleled personalized advice to home buyers, sellers and investors founded on data - not headlines. Whether luxury services, first time buyers/sellers, or investors, our experience and guidance is unmatched. Connect with us for a free consultation to better understand your real estate goals and see if buying or selling in Chicago is the right decision for you. Find out more at ⁠⁠Chicago Home Partner