Are you thinking of purchasing a new home in Chicago in the near future? There are a number of trends and developments that you should be on the lookout for. Here is a quick and handy list of the top 3 market predictions for Chicago real estate in 2020.
More People Will Buy Homes Because Rents Will Increase
One of the undeniable trends for Chicago real estate, both in the present and the near future, is the continuing increase of rent payments. The average rent for an apartment in Chicago as of August 2019 is $2,007. This figure represents a full 6 percent increase as compared to the previous year.
Depending on the neighborhood you move into, you can expect to pay slightly more or less than this average figure. This will be especially true if you are planning to move into a new home in the downtown Chicago area. While rents have certainly increased more than the average in this area, home and condo prices have remained relatively stable. As a result, a series of excellent new deals are now available.
Attractive Rates for Loans Will Convince More People to Buy
One of the most encouraging signs for potential home owners in the Chicago area is the continuing attractive of rates for new home loans. These rates are down to their lowest level in the last decade. If you are ready to invest in a new property in 2020, you will have your best chance at doing so.
This is a chance that is only available to you if you are willing to invest in a new home. If you continue to rent, you will not only miss out on this opportunity but will pay even more for a property you can never own.
More People Will Rely on Expert Real Estate Agents
One trend that is sure to continue to develop throughout 2020 is the increased need for aid and counsel from an expert real estate agent in Chicago. As rents increase, more people will be ready to make the leap to owning their own home.
However, despite the fact that loan rates are more attractive than ever, there is still quite a lot of complexity and uncertainty that needs to be resolved. Your best bet to do so is to hire the services of a knowledgeable and experienced Chicago real estate agent. This will be all the more true if you are interested in obtaining a real estate deal in the downtown Chicago area.
Contact Jeanne Keating for More Chicago Real Estate Info
If you are interested in getting more in-depth predictions for Chicago real estate in 2020, please contact Jeanne Keating today. Ms. Keating is an award winning real estate agent in the area with many years of knowledge, qualifications, and experience to share. Feel free to contact her with any questions, comments, or concerns you may have about the Chicago real estate market and she will gladly respond.