March 23, 2010
Real Estate Market | Real Estate – Understanding The Market
Buyers Market
Those who are currently planning to purchase a property in Chicago would need to study the recent trends in the market. Currently Chicago IL real estate is definitely a buyers market. The statistics indicate that there is a drop in the listing prices and in the sales prices which makes for great news for buyers. These figures and trends are likely to remain unchanged in the near future as the job market too is slowly picking up.
The property prices are down and the home sales are up. However, foreclosures still continue to flood the market. Buyers would need to understand what this particular trend means to them.
The Figures
In the Chicago IL real estate market, the home sales went up more than 71.6% in November, 2009 when compared to the same period in last year according to the Illinois Association of Realtors. The median home prices have fallen down by 10.1% in the last year.
The current trends in the Chicago IL real estate market show that the sales of the existing homes were low since the sellers were holding out for prices. In the city several condo developments continued to pour to the market with new buildings and properties. Thousands of homes continued to go into foreclosure or had been listed for sales at very reduced prices in order to avoid foreclosures. All of these factors contributed towards making the prices of properties fall down.
Other Influences
The other factors which influenced the market trends were the low rate of interests and the Federal Housing Tax Credit which was extended till April, 2010. However, according to several people as soon as the first signs of recovery would be evident in the real estate market, the prices would again begin to go up.
If all of these indicators are true, the sales volume and also the prices of home would rise in the near future. Because of this reason, those who are planning to purchase a property in Chicago would have to act soon. Properties can be purchased at considerable low rates at present and in the later half of this year the sellers can expect best prices for their properties and the market begins to recover. Home buyers can also expect to see a large variety of new properties entering the market this spring. This would give them better selections. The market is still a buyers market, but home owners too can finally expect to get good rates for their properties later on this year.
The market indicators and trends all point to one fact- this is the right time to purchase a property in Chicago. Since there are plenty of options available, buying a property is a possibility rather than renting. There are several different options to choose from in every single neighborhood. The selections can be varied, depending on the needs and the preferences, but there is a property for every need.
To know more about Chicago IL Real Estate and how to find your dream home in the city, please visit http://www.realestateinchicago.com/.
Trackback uri
http://www.jolinszsells.com/1320/real-estate-market-real-estate-understanding-the-market/trackback/
Leave a Comment
You must be logged in to post a comment.
4 Comments on Real Estate Market | Real Estate – Understanding The Market »
March 31, 2011
What others have been saying about real estate foreclosures | Real Estate Foreclosures @ 8:27 pm:
[...] Las Vegas real estate market would seem ideally positioned for this new program. There are even rumors that in the future Fannie Mae would seek to sell the homes back to owner/tenants. Current short sale guidelines prohibit more … [...]
May 23, 2011
Everyone else is crazy...but me! @ 5:35 pm:
your dealings with these illegals are very few. so i will enlighten you. they come here with TB all kinds of diseases. they are draining our welfare system that was set up for we Americans. they just as soon sell us out for a few pesos than think twice. 99% of these people have a 4th grade education if they even have that. they steal they commit crimes that if we committed we would be put in prison for life. but they send these back across the border and a week later theyre back.i could go on and on. but im not going to waste my time.
July 7, 2011
warren v @ 6:54 pm:
Try again. You can thank the failures of Fannie and Freddie on Barney Frank and Chris Dodd. Then you can thank Obama for giving them $148 billion of stimulus money. And if that were not enough, they are already asking for another $200 billion.
July 22, 2011
Honest Abe @ 11:26 pm:
and very few of those loans would have gone bad if banks weren't black mailed into offering loans to borrowers who couldn't afford them.
The Community Reinvestment , was passed by Congress in 1977 to reduce discriminatory credit practices against low-income neighborhoods, a practice known as redlining. Community Organizers (ACORN) seized this legislation and black mailed banks.