If you have been considering purchasing a Chicago condo or home, experts say now is the time! After years of declining prices in the Chicago area, home values are finally headed back up again. Zillow chief economist Stan Humphries adds, “We think Chicago has hit bottom.”
For buyers who have been toying with the idea of purchasing a Chicago condo or home, the message is clear: now is the best time to buy before prices climb past something you’re comfortable with spending. This goes for first-time buyers, those looking to trade up to a larger home, and buyers who have been considering purchasing a second home.
In late 2012, Zillow said Chicago was the best market for home buyers among the 142 metros they surveyed. They based their decision on the number of days a home spent on the market, the percentage of homes with reduced list prices, and the number of homes that sold for less than their asking price. Chicago homes spent on average 112 days on the market and nearly all of them sold for less than sellers wanted.
This is particularly compelling information for renters. With rents on the rise, you could own a Chicago home for about half as much as it costs you to rent a comparable one. That means, if you’re renting a pricey apartment, you could be spending that money on a Chicago condo and putting your monthly rent towards a mortgage.
Zillow says that Chicago home prices are likely to stay fairly flat during 2013, giving potential buyers even more of an incentive to act now. With unemployment finally falling and historically low interest rates, there truly has never been a better time to buy.
This summer is expected to be an especially busy period for Chicago real estate, as this is the season when the largest amount of properties are normally listed for sale. If you’re on the hunt right now but you’re frustrated by inventory shortages, hang tight and get ready to pounce this summer. Use this time to get pre-approved for a mortgage so that you’re ready to sign on the dotted line when you find the perfect Chicago home.
If you’re looking for a Chicago condo or home, please contact me. I have helped countless buyers navigate the Chicago real estate market, and I’d love to discuss your unique real estate objectives.