You probably think that early summer is the best time to buy a home because the supply is at its highest. You would be correct about the number of options you will have to choose from. But competition from other buyers will be at its peak. In hot neighborhoods like the West Loop a new place on the market can easily have 10 showings in its first few days on the market and will often receive multiple offers within days. Buyers barely have time to think it over if they find a place they love. Worst case scenario you end up in a bidding war.

Over the winter there will not be many buyers looking. They are busy with the holidays and if they have kids they do not want to move in the middle of a school year.  That is what makes winter the best time to bargain hunt. This January there were 3823 attached homes for sale in Chicago and that had grown to 4673 by June. That is only 22% less homes to choose from in January.  You may think the only thing on the market in January is condos that have been sitting on the market forever and that nothing new will come up. That is not the case. Over 1900 new places were listed this January. Less than in June but still a healthy amount. Sellers are also going to be more anxious to sell. There are less buyers, the market is slow and if they were not in a hurry to sell they would have waited for the spring to list their place.

Tromping around in the cold Chicago weather may not be appealing but if you are willing to do it you may just find your dream home at a bargain price. 

The national averages for mortgage rates have remained very low over the last week. While we do not see anything on the horizon that would cause rates to go up significantly we are not sure they can stay this low for long.