Property values are constantly moving up and down.
Typically, house values appreciate in the long term.
But there are no "sure things" in real estate, of course.
When your house appreciates you have a more valuable asset to borrow against, and you'll generate a greater profit when you sell.
There are many different reasons why property values in Chicago waver. So, how can you be sure what you're purchasing this year will appreciate over time?
It's important that you go with a real estate agent in Chicago who understands the factors that influence local prices.
Many think that the economy is the greatest factor impacting real estate appreciation.
It goes without saying that
interest rates, employment, business growth, government programs and some other national factors have a measurable impact on your home's value.
But the most significant things that figure your property's value are particular to the local Chicago economy and residential market.
Location in a community - Proximity to schools, jobs, and amenities also have a major impact on most home buyers' decisions.
So when it comes to retaining their value, these regions usually appreciate the best.
The latest home sales - You should receive information on the recent real estate sales in the districts that you're asking about from your REALTOR®. You'll need to learn things like time on market and seller discounts.
History of appreciation - In the last 5 to 10 years, have home prices increased or decreased? Does location or affordability affect how desirable the area is considered?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mix of work in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing?
Each of these pieces plays a part.
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