Spring is in the air and the Chicago real estate market is heating up. This year has lower than usual inventory numbers, resulting in a market that’s favorable for sellers. Nonetheless, having the right features in a condo definitely helps sellers in getting an offer at their asking price.
Here are 5 things Chicago condo buyers are looking for in 2015 as they search through real estate listings:
- Energy Efficiency
Homebuyers are becoming increasingly aware of the energy efficiency of homes, and state guidelines require the average energy bills for the home to be disclosed to the buyer before the closing. Older Chicago two- and three-flats are at a disadvantage here, and new construction condos win out with their stronger HERS (Home Energy Rating System) scores.
- Updated Kitchens
Over the past decade, Chicago has cemented its place as a city of foodies, and that is being felt in the demand for updated kitchens. But, kitchens should not only look nice—functionality is also key. Condos with kitchens that have prosumer grade oven ranges and refrigerators, and other key details that make cooking and entertaining guests easier, have a leg up on the competition.
- Smart Storage
Condos are nearly always smaller than single family homes, necessitating some creativity in the storage arena to accommodate various lifestyle necessities, such as bikes and sports equipment, and clothes storage (including space to store out-of-season clothes).
Chicago’s street parking situation is becoming increasingly uncertain, and for buyers who drive, condos with at least one parking spot win out.
- Outdoor Space
Outdoor space is a perennial requirement for condo buyers, and 2015 is no different. Whether it’s a lawn, balcony, back deck, or roof deck, outdoor space is a necessity for most condo buyers.
Some of these features (updated kitchen, smart storage) are easier to implement than others (energy efficiency, parking). If you’re a seller, think about making a few key updates to the easier ones to make your condo more appealing in the 2015 real estate market.