Depending on who you ask about the Chicago real estate market, you will get different answers. Some are saying that 2023 is going to bring much-needed relief to the market, and others aren’t as optimistic. On the other hand, if there’s something that experts agree on it is that less buyer demand, lower prices, and higher borrowing rates are highly likely. The current global crisis goes all the way back to COVID-19, and it continues on. That’s why lots of Chicago area movers are wondering – what’s going to happen with the moving industry and the real estate marke1t? The reality is nobody knows for sure, but we have some educated guesses.
Should you be getting any property in Chicago?
The majority of property markets will see modest increases in home prices in 2023. If inflation continues, the Federal Reserve may tighten monetary policy more than the financial markets had predicted. Higher mortgage rates would follow, which would have an effect on the housing market in the United States. On the other hand, if inflation drops significantly none of this might be happening. Right now, inflation alone is making the prices jump. Albeit it is hard to give any moving estimate Chicago moving companies often offer, it’s still possible to get a vague idea of the prices. Do consult with the local moving companies to see what they offer.
On the other hand, it’s always better to do something now, rather than wait for tomorrow. If you think that the prices are going to jump next year, that means it’s best to buy property today. And with this kind of uncertainty on the market, there are plenty of really cheap residential movers Chicago offers. Hiring one of them is going to make your relocation cheaper and faster.
How’s the uncertainty about the Chicago real estate going to affect you?
As you can see, there are still a lot of questions to be able to say for sure what’s going to happen next year. Right now, the Chicago real estate market is stable, all things considered. If you’re looking to become a new homeowner in Chicago, now might be a good time when you consider everything. On the other hand, you may want to just take up this opportunity and hire some of the best movers in Chicago to relocate you to one of the best neighborhoods.
Around 10,400 single-family and condominium homes were sold in the nine-county Chicago Metro Area in July. That is a 17.4% decline from the 13,976 homes sold in the same month the previous year. In the Chicago Metropolitan Area, the typical house sale price increased to $325,000 from $310,000 in July 2021I, a 4.8 percent increase. As you can see, there have been some negative trends in Chicago real estate, albeit nothing too drastic. As experts yet cannot say for certain that there’s a recession coming, it’s still safe to buy. Moreover, even if there is one – it just means that now is the best time to buy.