Appreciating property values in Chicago

Over time, the worth of a property will go up and down. For the most part, home values appreciate in the long term. But, of course, in real estate there is always a certain amount of risk.

When your property appreciates you have a more valuable asset to borrow against, and you'll create a greater profit when you sell. Property values in Chicago go up and down for numerous reasons, so how do you know what you're investing in now won't depreciate the day after you close? It's important that you pick a REALTOR® in Chicago who is familiar with the factors that influence local prices.

Many think that the economy is the number one factor affecting real estate appreciation. Naturally, mortgage rates, employment, job growth, government programs and numerous other national determinants have a definite effect on your house's worth. However, your house's value and the things that play the most significant role in its appreciation are particular to the local Chicago economy and housing market.

Let Mark Malave help you with your first home purchase in Chicago Location in a community - Most people want homes in the districts with the best and most convenient features, such as our schools and jobs. So those areas typically appreciate, or hold their value, best.

Recent sales - Your REALTOR® should provide you with figures on the recent home sales in the areas that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.

Appreciation history - Have house prices risen or declined over the past 5-10 years? Is the community thought to be desirable because of its location or affordability?

The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair blend of business in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing? All these play a part.

Knowing the factors that play into your home's market price is important. Click here to receive an evaluation of your property's value. Call me at (773) 938-2585 or e-mail me if you have any questions at all. I'd love to hear from you.

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