Chicago housing market offers astounding deals
When beginning your search for a new home, you should consider your financial standing before surveying homes for sale in Chicago, IL. This is because for-sale properties in the area have gone through even greater value declines. While the national housing market slowly climbs out of the hole that was dug for it, Chicago homes still see some considerable challenges in the foreseeable future. However, this should not discourage you from investing in a home in the area, as beautiful properties can be purchased for low premiums, and the neighborhoods may be safe.
Home prices in the Chicago area hit a post-housing crisis low in March 2012, The Chicago Tribune reports. Values fell to levels not seen since April 2000, as reported by the widely watched S&P/Case-Shiller home price index. Average home prices in the city are approximately 39 percent lower from their peak in September 2006.
The bulk of the housing pressure, according to the news source, was on homes that sold for under $139,182, which saw average selling prices fell by 3.4 percent from February 2012 and 9 percent from a year ago. Today, those properties reflect values similar to homes for sale in April 1995.
"A lot of the exotic mortgages, a lot of the questionable lending took place at the low end of the price scale," said David Blitzer, chairman of S&P's index committee to the news source.
The good news comes when you consider the national housing market, which remained relatively unchanged for March, and is down only 2.6 percent from March 2011.
"We're beginning to see more stability in the overall numbers," Blitzer said. "The housing situation in the United States, while certainly not booming, is seeing some stability and possibly some gains going forward. Prices will be the last thing to go up."
With such predictions, it may be the perfect time to invest in property, especially with national numbers representing more positive futures. While you may not be able to afford the recently listed penthouse unit on the 89th floor of the Trump Tower, which ChicagoNow reports is priced at $32,000,000, you might find the home of your dreams in the Windy City. Start your search today to find the best deal on the market.