In the real estate business one must be able to determine if a particular location is ripe for the picking. What i mean is, if the locality have had several changes that will increase the value of real estate and thus making it a rich source of listings and properties that you as a real estate broker could sell.
Chicago Real Estate Industry:
Chicago have always been the in the top location of the real estate industry however, with its recent changes this city is slowly becoming one of the cities that will be the focus of the real estate industry. The influx of people to Chicago to work or build a career is already an indication for an increased need for real estate properties either for sale or for lease. This influx of people looking for careers is brought about by an increasing presence of investors in the city and the increased presence of tech startups puts Chicago in the forefront of cities that have increasing number of tech startups similar to Silicon Valley.
The booming startup and tech industry in Chicago definitely is increasing the need for commercial spaces and residential spaces. The demand of commercial spaces is evident as there were already several purchases from known investment firms. On the other hand, residential spaces demand are also expected to rise as there are more people coming over to Chicago to work and thus the need for more residential space.
Chicago real estate industry data and report:
According to the recent real estate industry data and report, the continuous decline in the Home inventory in Chicago means that there are a lot of demand for homes in Chicago and the number of homes available for sale is slowly decreasing which of course is a good sign which will prompt more real estate developers to build new homes to meet the demand. Building new homes to meet the increasing demand of a city is always a good indicator for the real estate industry.
As of May the number of pending home sales is said to have decreased as compared to the same month last year. This indicates the confidence of the buyers in acquiring properties in Chicago. Which means that if you combine the data in Home Inventory and the Pending Home Sales, the Chicago real estate industry is gaining momentum in terms of the buyer’s confidence level. Which is also a very important indicator on the economic stability of the people living in Chicago.
To add to the momentum, recent data gathered on the sale of distressed homes indicates that such is already plummeting at a fast rate. A distressed home is a real estate property that is up for sale because of either the property was foreclosed or the property was put on sale in the market by the mortgagee. The plummeting number of distressed homes for sale means that the financial capability of the property owners are in good that they are able to pay their monthly obligations. Which is always a good sign not only in the real estate industry but also for the economy in general as well.
According to the Illinois Association of Realtors or IAR, in the month of May 2015 the real estate industry in Chicago posted an increase of 10.1% which is considered as the second strongest increase since December 2013. The current data also showed that this is the second highest level after eight years. With the momentum going in all the right directions it is both the best time to buy a property in Chicago, equally, it is also the best time to sell your property. To easily sell your property you either acquire the services of a real estate professional or you can do it on your own as an FSBO but with the aide of course of the professionals by acquiring a flat fee mls service. Why do I suggest getting either of these services? It is because of the fact that the real estate market remains to be very competitive and if you want to sell your property it would be best to make sure that you are getting the right help from trusted and reliable professionals who are already well versed in the real estate industry.
As a buyer on the other hand, if you are moving to Chicago for the first time it would also be best to get the services of a real estate agent to show you the properties that are most suitable to your needs and to your liking and specifications. Otherwise you will be spending a significant amount of time streamlining your real estate property choices.
With all the data pointing to Chicago’s increasing momentum in the real estate industry it is really a good time to jump in either as a buyer or a seller, so which one will you be?