LESSON 2: Chicago and Suburban Market Information
WHERE DO YOU WANT TO LIVE IN THE CITY?
(print this out as reference for your search)
It's an exciting time to buy a home or condominium
in the Chicago area.
- New development in the city is booming.
- Condominiums and townhomes are available in more
neighborhoods than ever.
- Former industrial areas near downtown are teeming
with residential options.
- A number of builders are offering pre-construction deals.
- Resale homes can be bargains (due to new construction)
- Homes are staying on the market longer (good for buyers)
CONDOS AND LOFTS
Literally, they are everywhere. A wide variety of new
and rehabbed buildings compete for buyers' attention with
luxury interior appointments and such building amenities
as fitness centers, decks and pools.
Low interest rates and a wide range of choices are turning
more renters into first-time condo owners
WHERE DO YOU START?
- Identify your neighborhood(s), then start looking.
- Be alert for incentives or pre-construction deals.
- Make sure you check out each builder/developer's
local reputation and track record.
CHECK IT OUT
- Do your homework before you start searching.
- Set up an online MLS search
- Ask your agent about areas that are new to you.
- Drive and walk the neighborhoods to get a better feel.
- Ask yourself: Is it YOUR kind of place?
SUBURBAN HOME PRICE TRENDS BY REGION
SOUTH
The most affordable homes, and the greatest supply,
can be found in the SOUTH and SOUTHWESTERN SUBURBS
such as Homewood, Flossmoor, Olympia Fields, Chicago Heights,
Park Forest, Palos, Orland Park and Tinley Park.
NEAR WEST
An easy commute to the city and strong demand combineto
keep prices high in the NEAR WESTERN SUBURBS, with some areas
showing double-digit appreciation. The area includes Oak Park,
River Forest, La Grange and Western Springs.
FAR WEST
The buyer may have a better chance finding good value in
the FAR WESTERN areas near Fox Valley - Glen Ellyn,
Lombard, Naperville, Downers Grove, Lisle, Lemont
and Wheaton. While demand is outpacing supply, there is
strong new construction as development spreads west,
so there can be opportunities for incentives.
NORTHWEST
Demand is also high in the NORTHWEST, but real estate
watchers report that deals can found in higher end homes.
This area includes Arlington Heights, Barrington,
Buffalo Grove,Des Plaines, Hoffman Estates, Mount Prospect,
Palatine and Schaumburg.
NORTH SHORE
The buyer will find the highest prices in the NORTH SHORE,
where double-digit appreciation is common. Not surprisingly,
homes on Chicago's North Shore led the state with a
median price of just under $500,000, according to the
Illinois Association of Realtors.® Evanston, Wilmette,
Winnetka, Highland Park, Glencoe, Highland Park, Northbrook
and Lake Forest are North Shore communities.
SUBURBAN CONDO TREND
One trend in suburban living is the growth of
condominium/townhouse communities in downtown areas of
many Chicago suburbs. New developments are offering
IN TOWN living that enables residents to walk to shopping,
entertainment and various services.
NEXT LESSON: FINANCIAL SELF-ASSESSMENT: What CAN You Afford?
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