Rental restrictions may increase market activity in Chicago
Real estate in Chicago, IL, experienced a much-needed surge in March 2012, as home sales significantly increased and median prices stabilized.
Sales of single-family homes and condos in the Greater Chicago area increased by 12 percent in the Windy City and 21 percent throughout the state, CBS Chicago reports. The recent activity restored faith in much of the state, as it was the best performing March since 2007. However, a proposed rental restriction may begin to make waves in the Chicago housing market.
The city may put a restriction on how many units in a certain area can be rented out in order to prevent communities from garnering a transient residential reputation. These rules may create a riff in the market, causing sellers who planned to rent properties to close quicker than ever before. While the law would restrict the efforts of many landlords, it could bode well for prospective buyers who would be able to purchase property from sellers who simply want to vacate the marketplace altogether.
Chicago is going through a transitional period, and with more frequent transactions occurring in the area, homebuyers may be able to find great deals by working with sellers who can't rent their condo units.