Home prices are forever in flux.
For the most part, property values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have more equity to borrow against, and you make a larger profit when you sell.
Property values in Chicago waver for a variety of reasons, so how will you be sure what you're buying presently won't depreciate the day after you close?
Choosing a real estate agent in Chicago who knows the factors that affect local prices is the most important element to consider.
The economy is thought to be the most important factor affecting real estate appreciation.
there are some issues on a national level that change your house's value: unemployment, interest rates, the stock market, and more.
However, your home's value and the elements that play the most significant role in its appreciation depend on the local Chicago economy and housing market.
Location in a community - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a priority to many families and will greatly influence home values.
So those communities generally appreciate, or keep their value consistently, year to year.
Recent sales - Your real estate agent should give you reports on the recent real estate sales in the regions that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have home prices risen or declined over the last 5-10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice combination of job types in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing?
These items play a role.