The economy of the nation experienced a decline in unemployment numbers in 2016 making the idea of home ownership favorable and stronger. DC Fawcett Real Estate Chicago has been slower in recovering from the housing market crash. Nationally, home prices and home sales will increase.
A Quick Reviews On 2016 Home Sale Details
- Lincoln Park had the highest median condo sale price in the city.
- The Near North Sidehad the highest median sale price for single-family homes.
- Portage Parkand Ashburn tied for most single-family home sales.
- For multiunit housing, the Near North Side topped the list.
- The Near South Sidehad the priciest houses on the South Side. Houses in McKinley Park spent the shortest amount of time on the market in the city.
- Armor Squareshowed the highest increase in median house sale price.
At the end of 2016, the analysts predicted that 2017 will be buyer’s market in Chicago as the prices of property will fall very rapidly. The sellers should take it as positive trend and Fawcett also advised the sellers to be open to negotiations and lower the expectations on their asking price.
The fall in prices is due to slow growth in population and job sector. The market will remain strong and solid.
Here are few key takeaways for Chicago investors from Fawcett
- Locate highly distressed properties; pre-foreclosures.
- Develop negotiating skills with the sellers
- Find cash buyers, Chicago area, as Cook County known to be a hot selling area for real estate cash transactions.
Suburbs will have a strong appeal. The millennial generation is increasing their home purchase, thus demand for first-time home buyers will prefer a home in the mid-price range where all basics needs are easily accessible. The demand for multi-family homes has been increasing steadily. Past half a decade the multi-family housing market looks incredible. They sell very faster than any other type of the property.
An overview on Chicago housing market 2017
Reports suggest that Chicago ranks 8th which is well below other major cities when it comes to rent affordability estimating the average cost of rent for a single person in Chicago to be around $1,047
Chicago residential home sales went on great in January as the city experienced extreme climatic conditions in winter which made the buyers look out for new homes. There was a notable increase in Chicago home prices.
The city witnessed one of the best spring home sales. The supply was low and demand was exorbitantly high and signed contracts in lightning speed and the median sale price increased by 4.3%, March home sales were pretty good and the number of distressed homes sale was historically lowest.
The corporate sector was flourishing and guaranteed jobs for everybody which promised the real estate market to be high.
Home buyers can prefer Chicago as the market seems pretty good. Condo and town home sellers can experience a great profit the forthcoming years than single-family home owners. New apartments units are coming up as well as office space are expanding.
There will be a mild dip in 2018 and 2019 housing market; the need for new ultra-luxury condominiums has just started.
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