Housing inventories down in the Greater Chicago area
You may have put off investing in one of the homes for sale in Chicago, IL, because you believed the city's inventory would always provide you with a great deal. While your intuitions may be intact, and 2012's Chicago market has been one ideal for buyers, recent data suggests that inventory rates are dropping at a rapid pace. This may encourage you to act quickly and enter the marketplace, before your dream home is purchased by someone else.
According to Chicago Agent Magazine, the number of homes available for purchase in Chicago and surrounding areas was down by 20.4 percent on a year-over-year basis in early April of 2012. The Department of Numbers projects a 3 percent increase in for-sale property by the end of April, but with sellers willing to settle with buyers more regularly, inventory levels will most likely continue to decrease in the Chicago area.
When you begin your search for a home in the Greater Chicago area, consider low inventory numbers as a sign that the market may be on the mend. Investing in property today may prove to be a lucrative investment down the line.