Check out what’s happening in Naperville’s real estate market
Are you planning to put your Naperville home up for sale? Or maybe you are considering buying a home in the city? If you are, you’re probably keeping an eye on what’s happening to Naperville’s real estate market.
Choosing the right time to sell your home is crucial for a successful sale. The home is still the largest financial investment for many people, and knowing the right time to sell will maximize your benefits.
Let’s take a look at Naperville.
Take a look at this graph from RISMedia.
This graph clearly shows that home values in Naperville and surrounding areas are projected to increase in the next five years.
What does that mean for you?
If you are buying a home, you should buy now. The cost of homes will rise in the coming years, which is good for home equity.
If you are planning to sell, it’s also a good time because your home’s equity has increased. If your plan to relocate is not an urgent matter, hold on to your Naperville home for a few more months. This would allow you time to get your affairs in order and prepare your home to sell.
The right time to buy or sell
But how do you know when to buy or sell your home?
Knowing if your neighborhood’s value is increasing can help you decide.
What are some indicators that your neighborhood is on the rise?
Here are some clues to look for in your neighborhood.
- Look out for improvements in the area. When you see plenty of new construction in the area, it means it is developing, and that the real estate market is getting better.
- Watch out for how long homes are up on the market. Homes in neighborhoods that are on the rise don’t stay on the market long. New home-seekers are grabbing them and securing their spots in the city. If you see many homes staying for 120 days or longer on the market, it’s an indication that your neighborhood value is not increasing.
- Check your neighborhood’s cities. Cities that are in proximity to a highly desirable city are more likely to be improved than those that are located farther away. Knowing your geography helps.
- Retailers are pouring in. When you see a lot more retailers coming into your area, that’s a sure sign that your neighborhood’s value is on the rise.
What do all these things imply?
A neighborhood’s value is directly proportional to the value of its homes. It means when business start coming into the community, they can see the potential growth in that community’s market. When that happens, real estate property in that area booms, and homes for sale in the community are expected to rise.
Buying or selling a home soon? Call me, Teresa Ryan, at (630) 718-0424. As one of the best REALTORS® in Naperville, I can help you have a smooth real estate journey.