After the worst of the recession, the Chicago housing market has been in full recovery mode for the last few years. This year will continue this trend, with some important factors influencing the growth of the local housing market.
Here are some of the real estate trends we anticipate to see in 2015:
Fewer foreclosures
While the rate of Chicago’s foreclosures is still higher than most other parts of the country, it is projected to decline by a third in 2015. Foreclosures act as a drag on home prices, so home prices should see a boost from this decrease.
Fewer investors
Fewer foreclosures and higher prices also mean that fewer investors will be looking for real estate in 2015. That means genuine home buyers will have to worry less about competing with all-cash offers, outsized down payments, and other staples of investment-level real estate deals.
New construction
At the same time, developers have been taking advantage of low construction prices, and as many as 6,000 new condos could hit the market in 2015, keeping prices in check and offering homebuyers plenty of options.
Higher Rents
Rents are projected to continue increasing in 2015, which should make more renters consider buying this year. To check which option is better for you, visit the New York Times Buy vs. Rent Calculator.
In all, it should be an exciting year for Chicago real estate. For more info on what to expect this year, visit the Chicago Tribune projections on the 2015 Chicago real estate market.
