When it comes to buying commercial real estate in Chicago, the right deal can come together at just about any time of the year. But that doesn’t mean that certain times of the year aren’t better than others for buying commercial real estate in Chicago. After all, many businesses are cyclical and that cyclicality is bound to be reflected in the commercial real estate market.
Still, the question remains: What’s the best time of year to buy real estate? Keep reading to answer that question in the context of your business and the market.
First Thing’s First: It Has to Work for You
Even if prices are lower or terms are more lenient during a certain time of year doesn’t mean you should put your business or investment strategy at risk just to chase a good deal. Make sure you have a keen understanding of your cash flow and other financial factors to ensure buying commercial real estate in Chicago won’t put undue stress on your finances.
The Best Time of Year
You’ve probably heard that the summer is the hottest home-selling season and that actually holds true for the commercial real estate market as well. During the summer, especially in Chicago, because the weather is more forgiving, people tend to want to make their moves at that time. After all, if they move during the winter, they’ll have to deal with moving all their stuff while navigating ice, snow, and slippery streets.
As an investor, this means a few different things. Since there is more activity during the summer, there may be more deals available. However, an increased activity also means increased competition which could mean that if you’re trying to buy a property, you’ll have to outbid your competitors. Alternatively, while the market may be less active during the winter, the deals that are available are more likely to have more lenient, affordable terms and costs.
Commercial Real Estate in Chicago at Frontline Real Estate Partners
Though you can follow some general guidelines about the best time of year to buy commercial real estate in Chicago, ultimately, you’ll need to keep your eye on the market all year round. Great deals don’t always wait for a certain time of year because distressed sellers usually have a pressing need to sell. Working with a partner like Frontline Real Estate means you don’t miss out on any great deals.