It is great to see so many renters turn into buyers in this market. Right now many tenants are deciding to become home owners in Chicago for the first time due to the increase in rent prices. Buying in Chicago is very different than buying in any other market as not only the product is different but the laws and even the weather is different than many other cities. With all this being said I have put together a website to help everyone from first time buyers to those buying their second and third homes understand some of the very basics in today’s market.
BUYING IN CHICAGO
What is the state of the current real estate market in Chicago? Well, if you’re a buyer you may be happy with low prices but not crazy about the selection. Right now I am working with several first time buyers as well as some repeat buyers and inventory is actually low! Overall inventory has dropped but still remains high. However, inventory of quality condos in Chicago continues to lessen which is great news for sellers sitting on desirable properties but also slightly frustrating news for buyers.
I have recently seen several properties go under contract in the South Loop before my clients could even see them. These were not foreclosures or short sales either!
I also have another client who simply can’t find anything she really likes. While she knows what she wants she really isn’t being that picky however. So our solution to this problem is simple: We are going to direct mail owners of units she likes hoping we find someone who may be looking to sell in the near future. Do you remember when people were doing that during the boom?
The market is still not what it once was but it is starting to return to health. Values are still depressed but buyer activity is increasing heavily as rent prices continue to tick up. This is why today is the PERFECT time to be a buyer. The timing of record low interest rates and home prices is fueling this market.
Paul Blackburn is an Illinois licensed Realtor and Broker with @ Properties. He can be reached via e-mail at Paul@PKBlackburn.com