Property prices are continually changing.
Over a long enough period of time, house values , in most cases, appreciate.
But, of course, in real estate there are no "sure things".
When your home appreciates you have more equity to borrow against, and you'll make a better profit when you sell.
Property values in Chicago change for a variety of reasons, so how can you be sure what you're investing in presently won't depreciate the day after you close?
It's important that you pick a real estate agent in Chicago who knows the factors that affect local prices.
A lot of people assume that the economy is the most critical factor impacting real estate appreciation.
there are several issues on a national level that adjust your property's value: unemployment, mortgage rates, quarterly earnings reports, and more.
However, your property's value and the factors that play the biggest role in its appreciation are particular to the local Chicago economy and housing market.
Access to services - People typically want homes in the regions with the most convenient features, such as our schools and jobs.
So when it comes to retaining their value, these areas often appreciate better than others.
The latest home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price versus the asking price? A lot of data can often be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the past 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the community is considered?
Local economy - Is there a fair mix of work in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
Each of these elements plays a part.