Home values are forever in flux.
Over a long enough period of time, property values , in most cases, appreciate.
But, of course, in real estate there are no guarantees.
When your property appreciates you have a more valuable asset to borrow against, and you'll see a greater profit when you sell.
Property values in Chicago waver for various reasons, so how can you be sure what you're buying presently won't depreciate the day after you close?
The most important part is that you pick a REALTOR® in Chicago who recognizes the factors that influence local prices.
What is the top factor affecting real estate appreciation? Many are convinced that it's the economy.
there are some factors on a national level that alter your property's value: unemployment, interest rates, quarterly earnings reports, and more.
However, your home's value and the features that play the biggest role in its appreciation are specific to the local Chicago economy and housing market.
Access to services - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to a lot of us and will greatly influence home values.
So those communities often appreciate, or hold their value consistently, year to year.
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 be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have property prices increased or decreased over the past 5 to 10 years? Is the community thought to be desirable because of its location or affordability?
Local economy - Is there a good mix of work in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
Each of these factors plays a part.