The Chicago real estate market has experienced historic numbers this summer, so it’s no surprise that listing prices and sales figures have risen. In comparison to last year, the median sale price in the Lincoln Park, West Loop, and Lakeview neighborhoods have all increased 6% or more. For sellers, May-August in the Windy City has been quite fortuitous almost across the board.
Entering the summer market, the buzz around the city was that inventory was low. However, in all these areas the numbers tell a different story. All five neighborhoods included in this study (Lakeview, Lincoln Park, West Loop, Bucktown, and Downtown) saw 6.8% or more in new listings than the same time last year! Downtown leading the way with a 13.6% increase. While these figures are great for prospective buyers, it’s important to consult an agent and exam the stats of your area if you are a seller. Overflow of inventory does have the potential to affect median sales figures. The analysis of Downtown is an example of how a larger number of listings could possibly decrease sale prices.
Overall, this summer market 2017 was strong with very limited stagnation that allowed prices to stay steady and/or increase in the majority of areas. As real estate professionals, we daily see how the market ebbs and flows, which makes us an excellent resource to our clients. If you’re considering selling your home or would like to learn more about the status of your neighborhood market and home value, please contact The Dowell Group today for a free comparative market analysis!
Moving from a small town or suburb to a large city can be an intimidating proposition. Here are a few tips to help make your move as painless as possible.
Research before you move. It’s important to understand the culture you’re joining. Do research online and find out about school systems, neighborhoods, parking, weather, public transportation, and laws that are native to that area. If you can, visit a city before moving and connect with someone who’s lived there before.
Have a plan. There are a lot of steps to go through before you start packing the moving truck. Find housing before you leave, or at least know where you’ll stay while you look for a home. Never sign a lease on an apartment that you haven’t seen. If you can’t get there, find a friend or an employer to check for you. Have a job waiting for you, or if that’s not possible, know what you’ll do for money in the first few weeks of living there. Try to line up things like driver’s licenses, car insurance, renter’s insurance, and parking passes ahead of time as well.
Get involved. Meeting people in a big city can be daunting. Don’t expect the neighbors to knock your door down with a casserole when you arrive: city life is often too noisy and hectic. Take the initiative. If there are things you liked to do in your town, find ways to do those things in the city. Try new things. Volunteer. Big cities offer so many opportunities to engage other people, so find what you like.
Mind your wallet. City life is expensive. Everything costs more: food, insurance, clothes, rent. There are also a lot more ways to get ripped off, whether legally or criminally. Be careful how you spend, and know where your money is going.