Property values are constantly moving up and down.
Property values appreciate in the long term for the most part.
But, in real estate there are no guarantees.
When your house appreciates you have a greater asset to borrow against, and you'll make a better profit when you sell.
Property values in Chicago vary for a variety of reasons, so how can you be sure what you're investing in right now won't depreciate the day after you close?
It's imperative that you choose a real estate agent in Chicago who understands the factors that influence local prices.
Many are convinced that the economy is the most influential factor impacting real estate appreciation.
interest rates, employment, business growth, government programs and quite a few other national determinants have a definite impact on your house's value.
However, your home's value and the components 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 convenient components for households to succeed, like a close proximity to jobs and schools.
So those regions generally appreciate, or retain their value consistently, year to year.
The latest home sales - How quickly are houses selling? What was the final sales amount compared to the asking price? Some information can be obtained from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
The appreciation history - Is the area thought to be desirable because of its location or affordability? Have property prices increased or decreased over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good mix of business in an area, or does it rely on just one industry?
All these play a part.