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/.

AP – Sales of existing single-family homes plunged in 2007 by the largest amount in 25 years, closing out an awful year that saw median prices fall for the first time in at least four decades.

AP – The economy barreled ahead in the summer, growing at a 4.9 percent pace. The performance was the strongest in four years but isn’t expected to last through the current quarter amid the housing slump and credit crunch. Sales of new homes edged up in October but sales activity still hovered near an 11-year low.

AP – The deteriorating housing market forced the White House to lower its projection for economic growth next year and raise its forecast for unemployment. Inflation was expected to moderate.

AP – Hit by a severe credit crunch, existing home sales fell for the eighth straight month with median home prices dropping by a record amount.