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Why Is Chicago Real Estate For Sale So Lucrative?
If you are planning to buy a property in Chicago, then you would like to study latest trends of the Chicago real estate market. At present, Chicago is definitely a buyers’ market. According to the statistics, the listing prices and the sales prices have dropped significantly, making Chicago real estate for sale a lucrative option for buyers. Experts suggest that these trends and figures are going to remain unaltered in the next few years too, as there is very little pickup in the job market of Chicago. Considering this, the property rates are down and the sales are up in the city. However, foreclosures continue flooding the market, and this trend means a lot to the prospective buyers.
What do figures say?
In the year 2009, the property sales went up over 70%, as compared to that in the last year. The average price of property has fallen down by more than 10%. Since the sellers held out for prices, the sales of the existing homes were low, leading to the current market trend. Numerous condo developments continued pouring in with new properties and buildings. Some properties went into foreclosure, while others were sold out at extremely low prices with an aim to avoid foreclosure. All these factors led to significant reduction in the prices of Chicago real estate for sale.
Other influences affecting Chicago real estate
Extension of Federal Housing Tax Credit till April 2010, and the low rates of interest also influenced Chicago real estate market trends. According to experts, as soon as the real estate market will show signs of recovery, the property prices will again start going up. So, a wise buyer will take advantage of the current market trend, and buy a property till the prices are so low.
If you are also planning to buy a property in Chicago, then you will need to act soon. In the present market scenario, you can buy property at considerable low prices. In near future, the market will start recovery, and you can expect best rates as a seller. Prospective buyers can also see a huge variety of new houses entering the real estate market soon. This can give them a better selection. Chicago real estate is still a lucrative market for the buyers, but you can expect good prices from sale of your properties in Chicago too very soon.
All present trends and market indicators point to the fact that this is the perfect timing to invest in Chicago real estate for sale. Since there is a plethora of options available, purchasing a property will prove to be a more advantageous option than renting. Every neighborhood in Chicago has a variety of options to select from. The choice can be varied, depending on your individual requirements and preferences, but there are properties for every need.
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