If you're in the market for a new home - good news. 2023 is expected to be more favorable for buyers than sellers in the Chicago area, with less demand and more room to negotiate. 

Previously, intense bidding wars could significantly increase the price of homes on the market far above the asking price. Still, with less competition, it's more likely buyers can negotiate the price in their favor.

Mortgage rates will level out

High mortgage rates have scared away a lot of interested buyers in the past, but they’re expected to level out this year, according to Lawrence Yun, Chief Economist with the National Association of Realtors. Yun predicts that rates could fall to 6% or lower later this year. For more, check out his post here.

Prices will also level out

Prices are expected to level out this year, making it a better time to buy than rent in Chicago. The large percentage of the population that chooses to rent is decreasing demand and therefore slowing the rise in home prices. Even with limited supply on the market, it’s making it more affordable for potential buyers to purchase their first home.

Prime spot to invest in real estate

Chicago will remain a hot spot for real estate investors looking to purchase a home that will likely have a good Return on Investment. The population continues to grow with new people moving to the city, making it an excellent spot to buy a property. You can read more on the 2023 real estate market outlook here.

If you are in the market for a new home, it’s a good idea to consider buying new. We focus on quality and are one of the top builders in the Chicagoland area. 

A new home will be up to date with energy-efficient features helping you save money long-term and get a better resale value if you decide to sell. Our Chicago homes are built with many energy-efficient features for added comfort for you and your family. You can browse all the energy-efficient features of our homes here. 

When you purchase a home with William Ryan Homes Chicago, it comes with a 1-2-10 transferable limited warranty. For a period of one year after closing, we warrant the quality of materials and workmanship of the original construction. For two years, we warrant the workability of your mechanical systems, which include plumbing, electrical, heating and air conditioning. Then, for 10 years, we warrant the structural integrity of your home. 

Interested in learning more?

We would love to hear from you and answer any questions you may have about our Chicago homes. Feel free to contact us today at 224-386-0530 or through our website here.