Understanding Chicago property appreciation
Property prices are continually changing.
Over a long enough period of time, property values almost always appreciate.
But, in real estate there are no guarantees.
When your home appreciates you have a bigger asset to borrow against, and you'll generate a greater profit when you sell.
But how can you be sure what you're investing in now will appreciate over time? Property values in Chicago rise and fall for many different reasons.
It's imperative that you go with a real estate agent in Chicago who is familiar with the factors that affect local prices.
The economy is believed to be the most important factor affecting real estate appreciation.
there are many factors on a national level that adjust your property's value: unemployment, mortgage rates, business growth, and more.
But the most important factors that figure your home's value depend on the local Chicago economy and housing market.
Access to services - Many home buyers prefer to live in districts with the most useful components for households to shine, such as a close proximity to schools, jobs, and work.
So those areas usually appreciate, or retain their value, best.
Recent home sales - You should receive facts and figures on the recent real estate sales in the regions that you'd like to live in from your agent. You'll need to know data like time on market and asking price as opposed to selling price.
The appreciation history - Is the area believed to be desirable because of its location or affordability? Have home prices gone up or down over the past 5-10 years?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a nice mix of work in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing?
Each of these items plays a part.
Identifying the factors that impact your house's value is important.
Get an evaluation of your house's value here
from an experienced real estate agent.
And if you have any questions, call me at (773) 939-8536 or e-mail me