Home prices are forever in flux.
House values appreciate in the long term for the most part.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have more resources to borrow against, and you make a bigger profit when you sell.
But how will you know what you're purchasing now will appreciate over time? Property values in Chicago rise and fall for numerous reasons.
It's imperative that you choose a real estate agent in Chicago who understands the factors that drive local prices.
Many think that the economy is the most critical factor affecting real estate appreciation.
there are several factors on a national level that influence your home's value: unemployment, mortgage rates, inflation, and more.
But the most significant issues that determine your home's value are specific to the local Chicago economy and housing market.
Location in a community - Proximity to jobs and schools also have a great impact on almost all home buyers' choices.
So these communities typically appreciate, or hold their value consistently, year to year.
Recent home sales - What's the time on market? Are sellers having to discount much or offer concessions A lot of data can be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have home prices risen or declined over the past 5-10 years?
Local economy - Is there a nice combination of job types in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
Each of these factors plays a part.
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