When it comes to real estate in Illinois, many predictions and trends are changing and it can be hard keeping up. If you are living in Illinois already, you may have seen house prices rising. Are you thinking of buying or selling Illinois real estate this year but you’re not sure the best time for this? Then you’re at the right place! Golan’s Moving and Storage are here to give you a complete guide to the Illinois housing market in 2022. This way, you can make an informed decision and find the right fit for you. Let’s go!
Is Illinois real estate a good investment?
The answer is yes! The Illinois housing market is constantly changing. In the last two years, there has been an enormous growth in real estate. However, predictions for 2022 say that house prices will most likely rise. If you plan on moving to Illinois you should know which cities are best for investing and you need to develop a good investment plan.
Here are the top Illinois cities to invest in this year:
- Chicago – Illinois real estate is more profitable in bigger cities, especially Chicago
- Springfield – even though it’s the capital city, Springfield has affordable homes on the market!
- Glenview – A smaller town, but with amazing homes and a family-oriented way of living.
- Buffalo Grove – famous for its low crime rate and good schools, Buffalo Grove is a great place to check out Illinois real estate.
- Oak Park – last but not least, Oak Park is a great suburb of Chicago. It has a great atmosphere and is close to the city. It’s perfect for those who want the vibes of the city with the more relaxed atmosphere of the suburbs.
What are the 2022 Illinois real estate predictions?
It’s going to be a seller’s market
Since last year, it’s been a seller’s market in Illinois. Many people hurried to buy homes in 2021 because of the pandemic. This includes many millennials wanting to secure homes for themselves as well. With this came a significant rise in housing prices, with many homes being sold for 10% more on average than in 2020. This means it was much more profitable to sell than invest because houses were selling at a very fast pace. But what about the 2022 real estate market? Well, experts predict the market to stay a seller’s market and further increase between 2% and 6% in home prices. This is due to a shortage in homes and more and more people wanting to invest. However, you shouldn’t be discouraged. Market trends often vary from city to city. Instead, consult a good real estate agent and ask around. When you do find a great deal and are ready to move, moving companies in Niles are a great choice to help you move!
Mortgage rates will rise
In 2020, mortgage rates dropped like never before because of the Covid-19 pandemic. This year, however, the opposite is expected. Mortgage rates are predicted to rise by 0.3%. It’s likely that many people still plan on buying homes and the increase in sales will bring higher prices. In 2021, the price of a single-family home was 23% higher than in 2020. So, if you are planning to sell your home or property, you are in luck! There is no shortage of potential buyers in Illinois and you will probably sell very quickly and at a higher price. However, if you are looking to buy a home, you need to be informed! Many realtors and companies know the ins and outs of the market and can help you in this process! Below you will find further tips for buying a home, so keep reading! And when you find the home of your dreams and plan your move to Illinois, Golan’s Moving and Storage are always here to help you relocate easily.
How do you find the perfect deal?
Now that you know the real estate trends in Illinois, you can start looking for your new home. If you have experience with buying, you know how stressful the process can be. You have to look at many properties, fill out forms and find the right deal.
Be aware of the season
First of all, the prices of homes usually vary from month to month. September is always the most expensive month to buy in because many people are looking for new homes before the winter. On the other hand, last year, the lowest housing prices were right after New Year in January. You should always consider the time of year when buying a house.
Hire a real estate agent
Second, you need to find a great real estate agent to help you navigate the Illinois real estate market. They will know exactly what to do and have valuable advice to give you. You will be able to find the best possible deal with a respectable agent by your side. You can tell them your checklist and what you’re looking for exactly. This can include the location, price, neighborhood, and style of your dream home. Moreover, they will find different options and deals and will negotiate for you! A real estate agent has to be a great negotiator. This is a very valuable skill that will secure the best possible deal for you. In addition, you will be much less stressed during the whole process. After all, everybody needs help with huge financial decisions.
Know what you want!
Last but not least, you need to assess your priorities and know exactly what you are looking for. Ask yourself what you must have and what you could live without. Do you need multiple bathrooms, a big garden, or maybe a neighborhood with good schools for your kids? Maybe you have a car and need a garage, or you are someone who cycles and doesn’t need to pay extra for a garage. Know exactly what you need so the process of finding your perfect new home is easier.
All in all, there are many things you should be aware of when buying or selling a property. Market trends regarding Illinois real estate and predictions for 2022 are higher housing prices and higher mortgages. In addition, the market is currently better for selling, but this can change too! The best thing is for you to stay informed and hire a respectable agent to help you find the perfect deal for buying or selling. We hope this guide to Illinois real estate was helpful. Contact Golan’s Moving & Storage for help. Good luck with your house hunting!