With recovery around the corner, invest in a luxury property today
The national housing market is certainly going through a transitional period, but with several positive economic trends sparking interest in consumers, it may be the perfect time to invest in real estate in Chicago, IL.
National Association of Realtors (NAR) Chief Economist Lawrence Yun spoke at the NAR's Midyear Legislative Meetings and Trade Expo about the upcoming months, citing historically high housing affordability conditions, job creation, stock market recovery, higher rents and a significant amount of qualified renters and owners as key indicators that a recovery may be just around the corner.
What's more, according to the Mortgage Bankers Association (MBA) National Delinquency Survey, late mortgage payments dropped to 7.4 percent at the end of the first quarter of 2012. The last reading found delinquencies at 35.4 percent.
If you have the financial means to purchase a luxury property in an affluent neighborhood, now may be the perfect time to buy, with market costs below average across the board. The community of Kenilworth, Illinois, is just over 20 miles from downtown Chicago, and the median home sale price in the region is $1,670,925, ZipDataMaps reports. You can take advantage of Chicago's amenities without having to live downtown when you move to the community of Kenilworth.