Over time, the value of a piece of real estate will go up and down.
Property values appreciate in the long term generally.
But, of course, in real estate there are no guarantees.
When your home appreciates you have more equity to borrow against, and you'll generate a better profit when you sell.
But how will you be sure what you're buying right now will appreciate over time? Property values in Chicago move up and down for various reasons.
Choosing an agent in Chicago who knows the factors that drive local prices is the most important thing to consider.
The economy is assumed to be the biggest factor affecting real estate appreciation.
It goes without saying that
mortgage rates, employment, job growth, government programs and a lot of other national factors have a measurable influence on your home's value.
However, your property's value and the things that play the biggest role in its appreciation are specific to the local Chicago economy and housing market.
Access to services - Many consumers decide to live in districts with the most helpful characteristics for homes to develop, like a close proximity to jobs and schools.
So when it comes to keeping their value, these regions usually appreciate better than others.
Recent sales - Your real estate agent should provide you with reports on the recent home sales in the neighborhoods that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area believed to be desirable because of its location or affordability? Have home prices gone up or down over the past 5 to 10 years?
Local economy - Is there a good combination of job types in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local companies hiring?
Each of these elements plays a part.
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