Home values are constantly moving up and down.
Over a long enough period of time, property values normally appreciate.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have a more valuable asset to borrow against, and you'll generate a larger profit when you sell.
Property values in Chicago rise and fall for different reasons, so how will you be sure what you're buying right now won't depreciate the day after you close?
The most important element is that you go with an agent in Chicago who understands the factors that influence local prices.
What is the most influential factor affecting real estate appreciation? Many think that it's the economy.
there are a handful of factors on a national level that impact your property's value: unemployment, interest rates, the stock market, and more.
But the most influential things that determine your home's value are specific to the local Chicago economy and housing market.
Location in a community - Being close to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to a lot of buyers and will greatly influence home values.
So these regions usually appreciate, or keep their value, best.
Real estate sales trends - How quickly are houses selling? Are sellers having to discount much or offer concessions A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
The appreciation history - Is the community believed to be desirable because of its location or affordability? Have house prices gone up or down over the past 5-10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a fair mixture of work in an area, or does it count on just one industry? Is the blend of commercial and residential development changing?
These items play a role.