Chicago Home Sale Contracts Continue to Surge
At an ordinarily slow time during the year for home sale contracts, contracts have continued to get signed at a high rate for the second week in a row. In the week of Nov 20th through Nov 26th buyers signed 355 city home contracts, according to data released by the Chicago Association of Realtors. That’s up more than 24% than the contract amounts the same week in 2015.
This surge barely tops a previous report from CAR that the week after elections home sale contracts were also up almost 24% from 2015.
In early November, when buyer traffic was way down during the Cubs’ World Series run and the presidential campaign, “I had given up the ghost and was waiting for January,” said Liz Whatley, a Coldwell Banker agent whose clients put in an offer on an Edgewater condo the day before Thanksgiving and went under contract the following Monday.”Those two weeks were crazy,” said Juany Honeycutt, a Related Realty agent who had buyers put two of her listings under contract during Thanksgiving week and a third immediately after.
In early November, when buyer traffic was way down during the Cubs’ World Series run and the presidential campaign, “I had given up the ghost and was waiting for January,” said Liz Whatley, a Coldwell Banker agent whose clients put in an offer on an Edgewater condo the day before Thanksgiving and went under contract the following Monday.
“Right now I’m busier than I’ve ever been in November,” she said.
Interest rates rose sharply after the election, reportedly pushing the average cost of a house nationwide up more than $16,000. Buyers who had put home-shopping on the back burner to watch baseball and the campaigns saw the rates spike and “realized, ‘We’d better do it now,’ ” Honeycutt said.
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Info and quotes credit goes to Chicago Business.
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