Renters may be enticed into buying in Chicago
In the coming months, houses for sale in Chicago, IL, may begin to experience increases in activity as renters may be encouraged to invest in property. At the close of the first quarter, approximately 33 percent of rental listings were available, according to the Q1 RentJuice Rent Index for Chicago. However, the analysis predicts that by May 2012, nearly 47 percent of listings will become available for move-in.
While there may be more vacant apartments on the market in the second quarter of 2012, median sales prices are still down, and homebuyers may be more likely to purchase houses instead of continuing to submit monthly payments to landlords.
The newest Homes.org report features new information on the latest activity and trends in the Chicago real estate market, showing that median sales are down overall by 6.7 percent year-over-year. Additionally, mortgage interest rates are slightly above 4 percent, making 2012 an exciting time to buy property in affordable areas.
With the housing market nationwide revving up for a successful 2012, prospective homebuyers may want to take advantage of low costs in the Chicago area.