The Chicago real estate market was hit very hard by the recent financial crisis in the United States. Home values plummeted virtually overnight, causing many homeowners to suddenly own a home that was worth less than what they owed on the mortgage. The real estate market collapse coupled with high unemployment rates and an overall economic downturn led to historically high foreclosure rates throughout Illinois and in Chicago specifically. Although the economy overall, and the real estate market in particular, appears to be rebounding, Chicago foreclosure listings remain plentiful.
Understanding the Chicago real estate market is important for anyone who plans to buy or sell a home right now. Many home buyers are often worried about whether or not they are making a good financial decision. In other cases, individuals who are selling their homes have wanted to know when to sell, considering factors such as how long it will take to sell the home and how much they will get for it. The best way to understand the market is to look at data over a few years. Doing this before you buy or sell is critically important.
Median Chicago Home Sales Price
Not only is Chicago known for its culture, food and highrise buildings, it's also walkable. Certainly the "Windy City" has its share of highways. However, Chicago also offer a number of locations that are surrounded by nearby amenities - Neighborhoods with their own ambiance, own parks and own attractions. In fact, walkscore.com calls Chicago the sixth most walkable large city in the United States. If you're looking for homes in Chicago, there are several such Chicago neighborhoods with high "walk scores" you should consider:
Next to the kitchen, the bathroom is the most used space in virtually any given home. For this reason, it's important to spend some extra time getting this particular part of your property looking its best (and its cleanest) before putting your Chicago home up for sale. Whether you are listing the home tomorrow or in a couple months, it doesn't hurt to start thinking about ways to revamp your bathroom.
Ways to spruce up your bathroom before you list your home
The Chicago real estate market has seen some very positive changes in the past year. If you've been considering buying a Chicago home, you may find that the fall season is a great time to shop. Not only will you have less competition from other buyers by shopping now, but you might also be able to close the home before the end of the year, which carries tax benefits. But remember to act fast as the winter season is fast approaching!
Benefits of Shopping in the Fall
As Chicago home sellers begin considering putting their homes on the market this fall, they will come to find that now is an excellent time to start making those home improvements before the cold winter season arrives. September and October in Chicago tend to have comparatively mild temperatures, which makes it easier when you go outside to spruce things up a bit. Even those who own Chicago homes that they aren't considering selling can still maximize their use of this season by winterizing their homes and adding safeguards against damage this fall.
There are a variety of excellent neighborhoods to consider if you’re looking at Chicago homes for sale, but the loop community area around Grant Park is one of the city’s more notable, vibrant areas. Not only does this neighborhood feature some of the best Chicago homes for sale, but it also gives residents close access to many of the city’s top attractions. Find out why you should focus on homes near Grant Park when you’re looking through the Chicago real estate listings.
Homebuyers may decide to downsize for a wide range of reasons. You can save a substantial amount of money should you move to a smaller space; however, there is one major drawback to this plan. Downsizing means you will have stuff that you no longer have room for. When buying a home that is smaller than your current home, you'll need to get rid of some of your belongings so you can fit comfortably in your new space.
Unload Items Before You Sell
If you've spent much time in Chicago recently, then you are probably already well aware of the south Red Line shutdown. Starting in mid-May, the $425 million project shut down the Red Line south of Roosevelt to give it a much-needed makeover, which is supposed to eliminate the slow zones and enhance the station to make the commute easier for people throughout Chicagoland. The Red Line will also see the Wilson station, one of its most rundown stops, revamped this summer. Surprisingly, these changes may have an impact on Chicago home sales in the near future.
The Chicago real estate market is on fire as sales throughout the Chicago area remain strong. Our latest Housing Trends Report show sales are closing quickly, at or near the full listing price. As a home buyer, buying in Chicago right now may mean paying a bit more than you would have just a year ago. However, it is still advisable to buy now rather than risk paying higher prices later, as homebuyers and sellers are in agreement over current home prices.