Over time, the worth of a house will go up and down.
Over a long enough period of time, property values , for the most part, appreciate.
But there is always a certain amount of risk in real estate, of course.
When your house appreciates you have a more valuable asset to borrow against, and you'll make a bigger profit when you sell.
Property values in Chicago change for a variety of reasons, so how will you be sure what you're buying this year won't depreciate the day after you close?
Choosing a real estate agent in Chicago who understands the factors that affect local prices is the most important thing to consider.
A lot of people assume that the economy is the most influential factor impacting real estate appreciation.
there are some factors on a national level that influence your property's value: unemployment, interest rates, consumer confidence, and more.
But the most important factors that figure your property'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 effect on almost all home buyers' decisions.
So when it comes to retaining their value, these communities generally appreciate much more reliably than areas lacking key features.
Recent sales - Your real estate agent should give you data on the recent real estate sales in the districts that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the community is thought to be?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice mix of business in an area, or does it rely upon just one industry?
All these play a part.
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