Experts Release Predictions for Chicago's Housing Market in 2017

Illinois real estate lawyersBuyers, sellers, and investors alike have been watching the Chicago housing market with bated breath. An area that has stalled in comparison to other major cities throughout the country, it has been a market where many homeowners are underwater, investors fear serious loss, and buyers wonder if buying in a stagnant market is truly the smart choice. Certainly, the market has belonged to buyers for some time, but many recognize that life changes and, should they want to sell later on down the road, they may be out of luck. Thankfully, it looks like at least some areas may be looking at an appreciation, and that could be a positive thing for anyone looking to buy, purchase, or invest in real estate in the area.

Most Homes Continue to Fall Behind Their 2006 Value

Throughout much of the country, homes have reached their pre-crash value in 2006. Others, such as Seattle, have not only hit their pre-crash value, they have hit all-new highs. Yet most homes in the Chicago area remain at about 19 percent below their original market value. Further, experts predict it will take at least another year for the market to hit its 2006 benchmark.

Some Areas Are Seeing Higher Than Normal Growth

Despite having the weakest housing market in the country's top 100 major cities, there are specific neighborhoods in Chicago that are seeing higher than normal growth. For example, the North Side has remained fairly stable over the years and homes in the area are now about 3 percent above their original peak. The Loop, West Loop, and Fulton Market areas have also been performing well and are expected to continue appreciating. Granted, these areas are not expected to appreciate greatly in the next year, but they continue to be a safe investment.

There are some areas that seem to be primed for a sharp appreciation, however. Bridgeport/Brighton Park and Humboldt/Garfield Park are just two prime examples. the areas, though still 48 percent below their 2006 peak, have had double digit increases in the past year and are expected to make yet another sharp increase in the next one.

This could make these areas prime opportunities for high-risk investors willing to slowly increase rental properties over the next few years. It could also be a great place for buyers who are looking to purchase a home that will have a higher value in a few years. Those that have been waiting to sell because of significant losses could potentially take advantage of the sharp appreciation, or they could continue to wait it out for a better market.

Get Legal Advice Before Making a Decision

While the market is recovering and set to appreciate in some areas, buyers, sellers, and investors should never make a final decision until they have had the guidance and assistance of an experienced attorney. This can protect their interests, and their financial futures. Stock, Carlson, Oldfield & McGrath, LLC have you covered. Schedule a consultation with our DuPage County real estate attorneys by calling 630-65-2500 today.

Source:

http://www.chicagotribune.com/business/ct-chicago-housing-forecast-0104-biz-20161230-story.html