Let's discuss the overview of home sales in Chicago, IL. The big picture for those wanting to sell their homes does not look good in Chicago, unless you are looking to buy in an area you once could not afford. The following describes the period of November 2010 to mid-January 2011 as compared to the same period in 2009-2010. The amount of homes sold has decreased by about 39%. The median home sales price decreased from $240,000 to $200,000. That is about 17%.
If you are looking to buy, this is good news. Homes are much more affordable. It is also no myth that buying in "off season" is a good idea. What am I talking about? I'm talking about not buying a home in the months of May, June, July, or August. You might have less to choose from, but you will most likely get a better deal. When looking for homes in Chicago, you must be aware that there are several areas that the home could be in and that will dictate the value of the home. According to Trulia.com, the most desirable neighborhoods are Near North Side, Lincoln Park, DePaul, Wicker Park, and Bucktown. Townhomes, condos and single family homes do not come cheap in these areas, though. The average list price of residential property in these highly desirable neighborhoods is at least $500,000. Trulia.com is a great source if you are looking to move to Chicago. This website and others can help newcomers get the big picture of real estate in Chicago first. It is always good for a buyer to do a little of their own research so they have realistic expectations. Doing your homework is also good because you know when you are being shown homes that are overpriced, in a bad area, or perhaps a great deal.
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