Cities of the upper Midwest continue to enjoy a thriving real estate landscape, even as the rest of the country faces the worst market slowdown since 2011.
The spring 2023 housing market in Chicagoland and Wisconsin is expected to be a busy time for area brokers. With the US economy still recovering from the impacts of the COVID-19 pandemic, many millennials are relocating to this region in search of more home buying power and a lower cost of living. This upward trajectory will offer numerous opportunities for agents to prosper.
As the situation continues to evolve, it’s crucial to stay informed about the latest trends so you can reach your goals and achieve success. Let’s take a more detailed look into what the near future holds for savvy real estate professionals.
Demand vs Inventory
In Chicago, the market is still seeing a steady clamor for residential properties, unlike other parts of the US. With a low unemployment rate and a steady influx of new residents to the city, the demand for housing is expected to remain high throughout the spring season. The median home price in Chicago is currently around $330,000, with prices staying on an even keel.
However, the current low inventory of homes for sale and the uncertainty of whether interest rates will come down any further or not has some hopeful homeowners wondering if now is a good time to buy a home or invest in real estate (it is!).
In Wisconsin, the housing market is expected to remain robust across the state as 2023 begins to heat up. With its diverse landscape, ranging from vibrant cities to rolling countryside, the state is a popular destination for both new residents and tourists.
It’s also known for its excellent schools, low cost of living, and bustling economy, making it an attractive option for both families and single professionals. The average home price in Wisconsin is around $260,000, which could easily rise as the population increases and the housing inventory is at historic lows.
Find Your Competitive Edge
As the upper Midwest market continues to grow, it’s vital to take advantage of these conditions to keep your business prospering.
With so much agent competition in this region, it’s more important than ever to differentiate yourself from the crowd. One way to do this is by staying on top of the latest market trends and statistics. Regularly reading local publications, attending community events, and networking with other industry professionals will keep you abreast of our nuanced market conditions, and the easier it will be to make informed decisions about where to focus your lead generation efforts.
It’s also crucial to continue your education on the latest real estate technology and utilize it to make the buying and selling process easier for your clients. Brokers who can demonstrate their intimate knowledge of local markets and provide valuable insights to their customers will be in high demand.
Another important factor to keep in mind is how you’re marketing your services. To make a real splash in the spring real estate market, your business development strategies need to be even more creative and innovative. If you’re not already doing so, now is the perfect time to start utilizing easy and affordable digital tools such as Google AdWords and SEO.
You should also consider partnering with other professionals in the industry, such as home inspectors, mortgage brokers, title companies, and reputable contractors. By working together as a team, you’ll be able to provide your clients with a comprehensive suite of services and increase your chance of closing lucrative deals in a competitive market.
It’s essential to be proactive and reach out to potential customers before they even know they need a real estate agent — especially when it comes to sourcing inventory. Automated email campaigns, direct mail, and old-fashioned door-knocking in your target neighborhoods are all still powerful ways to meet potential clients and build relationships.
Be mindful of your online reputation and the impact it has on your business. With so much information readily available online, many people take the time to read plenty of reviews and research agent ratings before making any kind of decision.
You can make sure you’re always presenting your real estate brand in a positive light by closely monitoring your online presence, quickly responding to reviews and messages, and striving to guarantee an authentic and favorable experience for your clients.
Adaptability is Key
In this industry, business owners should always be prepared to adapt to changing market conditions and ready to leverage new ways of reaching a wider audience. Today’s consumers expect to be able to use the latest channels, apps, and gadgets to handle their important business, and brands have to keep up.
Virtual and augmented reality software is also becoming increasingly popular in this industry, and agents who embrace these productivity-enhancing tools can offer their clients a more immersive and engaging experience.
The Spring 2023 housing market in Chicago and Wisconsin is expected to stay robust as demand builds, inventory stays low, and the region’s home prices and cost of living remain more affordable than other major areas.
Whether you’re helping buyers find their dream home or assisting sellers in getting an amazing price, it’s a great opportunity to showcase your skills and expertise. Partnering with a trusted title services organization like Landtrust will help you deliver the highest quality customer experience.
See how we can work with you to produce real results — contact us today!