Chicago home prices: Need some help understanding why they appreciate?
Home values are continually changing.
By and large, property values appreciate in the long term.
But, of course, in real estate there are no "sure things".
When your house appreciates you have a larger asset to borrow against, and you'll realize a greater profit when you sell.
Property values in Chicago change for various reasons, so how do you know what you're purchasing today won't depreciate the day after you close?
It's important that you select a REALTOR® in Chicago who understands the factors that drive local prices.
What is the top factor impacting real estate appreciation? Many guess that it's the economy.
It goes without saying that
there are quite a few issues on a national level that impact your property's value: unemployment, interest rates, the stock market, and more.
But the most significant factors that figure your house's value are particular to the local Chicago economy and housing market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a big deal to many us and will greatly influence home values.
So when it comes to keeping their value, these communities usually appreciate better than others.
Recent home sales - You should receive statistics on the recent real estate sales in the areas that you're asking about from your agent. 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 risen or declined? Does location or affordability affect how desirable the area is believed to be?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good combination of job types 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.
It's wise to know the factors that influence your home's value.
Get an assessment of your house's value here
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with any questions.
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