With the kids back in school and households going back to regular routines, I believe we’re headed back to a more normal cycle of real estate. More homes will likely come up for sale, helping to slow down the unparalleled price increases and bidding wars of the past year.
If normalcy is returning, we can expect to see the market pick up from Labor Day to Thanksgiving, and then drop off some going into the holiday season. From there, I expect markets to remain fairly dormant until the spring market begins in 2022.
All this said, don’t expect market competition to slump. There will still be many more buyers than homes for sale to go around.
According to the Institute of Government and Public Affairs at the University of Illinois, the median price forecast indicates positive growth for August, September and October throughout Chicagoland. In Chicagoland, the median price is forecast to increase by 8.6% in September and 8.3% in October.
As for housing design trends and colors, we continue to see white kitchens with light wood accents. A Californian chic style is gaining momentum that highlights a curated, collected-over-time feel as opposed to the harsh modern symmetry we saw in pervade during the 2010s.
With more people spending time working at home, clean and homey comfort is very much in vogue, especially in outdoor spaces. Here, we see designers extending the living space of homes to patios, pergolas, and outdoor kitchens.
If you’ve been on the fence about getting into a new home, or preparing your home for sale, the fall might be a good time to test the waters. Buyers can expect a more welcoming environment without as much competition, while homeowners can start thinking ahead to a spring seller’s market by completing some renovation projects to ensure top market value.