If you’re looking for good news as 2015 gets underway, you might want to take a look at the Chicago real estate market. 2014 was an encouraging year for Chicago real estate.
As the US economy expanded and the housing market picked up steam as the year went on, Chicago saw promising signs in housing. According to several key factors, the Chicago real estate market has finally normalized following the instability of recent years. What should you keep an eye on as 2015 unfolds?
A Resurgence for Chicago Real Estate?
First of all, the Chicago foreclosure market had its lowest level of activity in seven years. Homeowners are steadily finding their financial footing, and as such fewer homes are being foreclosed. The credit rating agency TransUnion predicts that the percentage of homeowners behind on their mortgages will drop to somewhere close to 2.5 percent by the end of 2015. Prices on foreclosed homes have increased as a result of them being more in-demand.
One trend to watch in 2015, particularly if you happen to be in the market to rent a home, will be the foreclosed properties being bought and held as rental properties, and the pace at which rents rise for such properties.
Considering rising rents, along with interest rates being low, credit easing, and the price of homes normalizing, house hunting might be a great idea in 2015.
Thinking of Buying a Home in 2015?
If you are thinking of buying a home in 2015, whether you are a first-time buyer or an experienced veteran, here are some things to keep in mind. Mortgages are generally more attainable now than they have been in recent years, so long as you are willing to go along with the process that includes a heavy dose of paperwork and crosschecking. Check your options regarding a loan.
Fannie Mae and Freddie Mac have lowered their threshold for supporting mortgages with 3 percent down payments instead of the 5 percent that had to be met in the past. Different lenders have different deals, so make sure you find what you feel is best for your situation.
Keep an Eye on Condos in 2015
Not everybody’s dream home is one with a yard and a white picket fence. Many high-end condominiums are being built, some of which will hit the market in 2015. Chicago real estate experts are excited about these new developments and they represent a comeback of sorts for Chicago condominiums.
According to the Chicago Association of Realtors©, sales of Chicago condominiums for $1 million or more increased a full 15 percent from 2013 to 2014. It is expected that 2015 will see sales increase further.
One sign of the Chicago real estate market normalizing in 2015 will be disappearing remnants of the housing crisis that has left a high number of vacant homes in neighborhoods. Local government, nonprofit organizations, as well as the Treasury Department, have indicated that they will contribute to funding reclamation and fixing up Chicago neighborhoods, which will spell benefits for the Chicago real estate market going forward in 2015 and beyond.
Chicago Real Estate Specialists – Call Today! – 773-671-4663
Hands down, RE/MAX Associates are the most knowledgeable agents with the experience and community connections to assist you with in your home purchase across the globe. Customers going through the home buying and selling process know RE/MAX Associates as “The Real Estate Leaders®” and why no one in the world sells more real estate than RE/MAX. Call us today for a list of Chicago homes for sale currently available in your area of interest.
We offer a variety of comprehensive real estate services for buyers and sellers in the following counties:
- Cook County IL Real Estate
- Will County IL Real Estate
- Du Page CountyIL Real Estate
- Kane CountyIL Real Estate
- McHenry County IL Real Estate
- Lake County IL Real Estate
Please give us a call today at 773.671.4663 or fill out the online contact form and let us know how we can best serve your Chicago real estate needs. We also speak fluent Spanish and Polish and look forward to working with you!
Adam Balawender, Realtor, CDPE
Real Estate Pro Chicago Remax, City
Cell Phone: 773.671.4663