When you consider putting your home or commercial property on the market, or when you are considering purchasing a new property, it can feel overwhelming. You aren’t sure if your property will sell or if you will be able to find a reasonably priced property to purchase. So much of your real estate transaction depends on the fluctuating market, and here in Chicagoland, the market can change from year to year or season to season.
If you are wondering how the real estate market is in Chicago so far this year, here are a few things you should know.
Home Prices Remain High
According to Chicago Magazine, property prices are high and have been since the beginning of 2019. This is great news for sellers, but maybe not so great for buyers. However, there are more and more homes going on the market which could mean a more competitive market in certain areas or neighborhoods. This rising inventory is favorable news for buyers.
Some Suburbs are Strong
Chicago Business reports that while the overall real estate market may have drooped earlier this year, certain suburbs were strong enough to beat it. Suburbs like Addison, Alsip, Riverside and Park Forest are excellent first-time buyer areas thanks to their low median prices.
No Matter the Market, You Still Need a Team
Whether the market is strong or weak, balanced or more favorable to a certain population, you still need a team of professionals to make your experience easier and to advocate for your best interests. Find yourself a real estate agent that will listen to you and be a guide for the process, as well as an experienced real estate attorney like any from the team at Bell & Shah. For years, we have worked with buyers and sellers of residential and commercial property, assuring the process is easy and stress-free. With us in your corner, you can be confident you are getting the best service from inspection through closing.
Learn more about our firm and contact us for a consultation today. We are ready to serve you and assure you have a favorable outcome during your transaction.