When thinking about selling your condo, one of the key choices you’ll have to make is at what time of the year you’ll want to list it for sale. Some people don’t have the luxury of choice, due to a new job, a new house, or other reasons they need to sell right away. But if you do have a choice, different times of the year can have an impact on your listing’s success.
While homes can be sold in Chicago year-round, Chicago’s real estate season typically runs from Spring to Fall, roughly March through October. Listing your condo in the Spring means you’ll be there right at the beginning of the season, and with a long season ahead, you have the best possible chances to sell your condo for a good price, even if you have to readjust your strategy as you go. Traditionally, spring has both high supply and high demand, as both buyers and sellers try to start off the season strong.
Summer is probably the second-best time to list your condo for sale. You still have plenty of time left in the season to get your condo sold, and summer actually has a secondary influx of buyers — the parents who need this key time to move while their kids are out of school, and renters whose leases are predominantly up in mid-summer.
Fall is not necessarily a bad time to sell your condo, but it’s also not as good as spring or summer. There’s a bit of a sense that if you’re selling in fall, you’re in a bind. There are fewer properties on the market, and also fewer buyers. The buyers who are looking are looking for deals, knowing that the season is closing down.
It’s safe to say that winter is probably the least favorable time to list your condo for sale. The lowest buyer demand of the year usually means depressed prices. Also, think about it — if you were a buyer, would you really want to go out in Chicago winter to visit around 3-5 properties per day?
Need help listing your condo for sale this year? We have nearly two decades in the industry and know Chicago real estate like the back of our hand! Reach out to us to discuss your options!