Where Are Our North Shore Buyers Coming From?

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Our North Shore real estate market in 2020 has seen some interesting changes that have been influenced largely by the societal and economic factors at play nationally and locally. As businesses shifted their work models and many employees began working from home, the real estate market was affected.

In the North Shore, a majority of the homes sold to-date in 2020 have been bought by purchasers who were living in the city of Chicago. Some were homeowners, but a large amount of them were renting.

Home prices in Chicago have historically been quite high, and as civil unrest and political turmoil cast a wide shadow over the once-vibrant culture of Chicago, a great deal of people decided it was high time to seek housing elsewhere. Their ability to do so was facilitated by many workers being able to do their jobs remotely, rather than having to report to an office daily.

We all know that renting a home in Chicago is expensive. Typically it was seen as the price to be paid for closeness to culture, arts, dining, and a variety of other amenities that the suburbs didn’t offer.

With the stay-at-home orders and civil discourse in the city, thousands of residents of Chicago discovered they could actually do their jobs remotely. In turn, this gave them the freedom to look elsewhere for housing. And to their surprise, they made the discovery that suburban home prices are significantly more reasonable than Chicago home prices as far as what one receives for the money.

People want more space at home now more than ever before, and we are seeing a shift from condo & high-rise living to more sprawling, spacious family homes.

Buyers desire to have at least some outdoor green space, with proximity to parks & outdoor activity areas for safe, socially-distant exercise & recreation. Homes that were considered ‘too large’ last year are now flying off the market. Lake Forest real estate, which has seen drastically reduced housing prices over the past few years, has surged in recent months.

The buyers coming from the city are seeking homes with larger common spaces, often willing to trade bedroom size for a bit more square footage in the living & dining rooms. Home offices have become almost mandatory, and with good reason. We don’t anticipate that the urban migration will stop anytime soon.

North Shore properties are uniquely positioned because our communities offer a wide variety of outdoor recreation spaces, nature preserves, parks, and walking & biking trails as well as plenty of dining options, shopping, arts & music.

As more home buyers will seek to purchase in the North Shore, the challenge may likely become having enough inventory to satisfy buyer demand. Homeowners who are considering selling within the next six months to a year may want to discuss their options and think about selling sooner, rather than later. There really is a lack of inventory and homes in good condition and priced well should sell relatively easily.

The reality is that if you are even entertaining the idea of selling your home, now is the time to reach out to us to get an accurate assessment of the value of your home. Don’t miss out on this surging market in the North Shore suburbs.

The Spaniak Team - eXp Realty are local experts and have many years of experience helping clients sell and purchase properties throughout the North Shore of Chicago. www.SpaniakTeam.com

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