Full time Realtor available 24/7/365 to address your needs. Licensed Realtor since 1997. Licensed appraiser in Illinois. Straight talk & honest answers. Always working for your best interests. Hundreds of closed transactions=great experience=piece of mind for you. Call me for the service you deserve. Satisfaction guaranteed Tom Lysik 224-800-4731
Recent trends in the Chicago Real Estate
Chicago real estate is among the most dynamic industries in the area. In recent times, 2015 and 2016 to be specific, the real estate has experienced several changes in terms of customer preferences and the properties available for sale. Generally though, the real estate industry in the area is on the rise. Here is a look at some of those recent trends:
Whereas homes sold for less than $400,000 are flying off the shelf those selling for more than this are becoming harder to sell. Many investors prefer small and cheap properties instead of high-end homes.
Split level and ranch style homes built in 1960s have been resurging with communities like Niles, Skokie and Morton Grove being popular places for first-time home owners. The traditional trend of starting out in small homes then moving on to bigger ones is slowly being eradicated. Families also opt for long-term homes where children can be raised. Most who are purchasing suburban homes indicate their willingness to be in the same house for 15 to 20years.
Need for refurnishing
Chicago is known for classical houses which confer quality housing. In the recent Chicago real estate trends, mid-century houses are on high demand but only if they have upgraded features and better finishing. Upgraded housing units tend to sell much faster and have more value than the antiquely preserved ones. Many people are opting for houses that are ready to move in to even if it is much more expensive than doing the upgrades on their own.
The affordability of the Chicago real estate properties is what makes it such an ideal place to live in. Here, you can get a cheap home while still enjoying the privileges that come with living in a city. The prices are fair and give new and upcoming families the opportunity to own a home without having the break the bank. This way, the demand for real estate property in Chicago is quite high while the pricing still remains fair.
Single-family homes vs condos
Though both housing units prices are on the rise, the rate at which those of single-family homes are rising is 10 times less than that of condos. This can be attributed to the high demand for condos.
The best place for millenials to settle
Unlike other cities that have expensive real estate properties, in Chicago a millennial can comfortably afford a house on their salary.
For affordable homes, then Chicago is the city to look at.
Real Estate Broker
HomeTown Real Estate Group