How to Approach the Spring Real Estate Market
2 April 2019
Spring is just around the corner, signifying that Chicago’s busiest real estate season is blooming. Finding a new home can be stressful, but in the long term, finding a place to put down roots is well worth the effort. To help potential buyers navigate the process, John Goldsworthy and Yvette DuPree, from the 1000M sales team, have a few strategies on how to approach the spring real estate market in Chicago.
Longevity is trending
When it comes to interpreting real estate housing trends, the most sought-after features seem to be those that align with the longevity of a home. Aesthetics come a close second to the durability of a place, which is why hardwood floors have become so beloved over the past few years. In considering the attractiveness of a kitchen, home buyers notoriously judge the countertops by how well the surface will hold up.
These features are current and “on trend” because they promise low maintenance alongside beauty. DuPree says, “We’re seeing cleaner lines in the market right now. Minimal design is in because it’s timeless. And,” she adds, “in two and three years, homeowners aren’t going to have to think about redoing their homes because they are outdated or worn.”
Primary points of consideration
Intuitively, price sensitivity is number one when looking to buy a home. The bottom line is that your budget is what it is, and your deliberation process has to conform to those parameters.
The second point of consideration, which is partially a function of price, is location. Where your home is located is just as important as the home itself. Proximity to conveniences, such as grocery stores and transportation, is one important aspect. The desire to live next to the lake or on a tree-lined street is another.
And speaking of commute time, the third selling point, according to Goldsworthy: “We’re finding more and more that in spite of our robust transportation system, Chicago is definitely a driving city in the minds of homebuyers. So, price, location, parking.”
Most desired amenities
It’s important to consider not only the home itself, but the amenities that the property has to offer. For those considering smaller developments, sometimes the residence itself truly does take priority, and all you really need is a good gym. For others, there’s a different trend. Goldsworthy speaks from his experience on the sales floor at 1000M, stating:
“Buyers are getting very excited about the workstation area that we have on the amenity level . . . they like the fact that they can network here, socialize here and the space of the actual living is not as important to them.”
As working from home becomes more common, more buyers may be trending along this pattern. In the future, the market may see that living spaces become less important than different amenity spaces, as evidenced by the simplicity of 1000M’s International Collection. When thinking leans this way, Goldsworthy described it best: “Your living space actually becomes the 40,000 square feet of amazing amenities, not the size of your condo.”
Try to stay focused
With so many moving parts to consider, it’s easy to get distracted. But DuPree has a method she recommends to stay focused, and it’s this pointed question: “What is your ultimate goal?” For some, this may be moving at a certain time, having particular finishes or living in a specific neighborhood. For others, it’s a move-in ready home. Goldsworthy and DuPree have both noticed a trend in recent buyers; they’re willing to spend a little more for luxury and convenience, rather than rehabbed investments.
Interested in the amenities, location and finishes that 1000M has to offer? Make an appointment today with our fantastic Sales Gallery team to chat all things real estate, see the features for yourself or take a virtual reality tour of the building.