Falling values means affordable housing opportunities are in Chicago
As a prospective homebuyer, you may have already considered purchasing real estate in Chicago, IL. While certain housing market statistics show the area to be in unfavorable shape, they should not deter you from surveying the available for-sale homes in the area. There are numerous property listings that boast favorable qualities, and best of all, prices are down in many neighborhoods.
While values may not be at their peak, Chicago home sales were up 19.2 percent in May 2012 when compared to the previous year, Chicago Now reports. The increase in transactions may be directly related to declining values, as buyers are able to claim homes for minimal costs. In addition, the number of contracts written has surged way ahead of the numbers seen across the last three year. May 2012 home contract activity was up approximately 19 percent over 2011, the source reports. The two statistics are great indicators that real estate in the greater Chicago area is trending upward and homeowners may see greener pastures in the near future.
Now that you're familiar with the housing numbers in and around the Chicago area, it's time to pick a neighborhood that offers a plethora of entertainment and living opportunities. West Lincoln Park was not the best of places to live 20 years ago, especially if you wanted to raise a family, but the area has gone through a gentrification process, and many homebuyers have moved into the area. According to the latest statistics from ZipDataMaps, the average real estate asking price in the 60614 ZIP code is $1,028,634. While the listings may be high, many sellers have settled with buyers, as the average selling price in the community is $700,428.
When you look for a home, you often want to find property on a quiet block. Fortunately, there are many brick homes in West Lincoln Park, and they are situated on favorable streets where notice is at a minimum. After you purchase a home in West Lincoln Park, you may want to start mapping out a plan to reconstruct the interior of the property. Since the area is a younger community, you shouldn't be afraid to customize your home to make it truly unique. Finding simple ways to make it feel cozy and comfortable is the best way to get settled in a new community.