subject: Real estate in Chicago, US [print this page] Chicago, the 3rd most populated state of US and 26th most populated in the world also tops in the real estate market. According to an estimate, during the recent recession there was a fall in the real estate by about 10%. But, now the market has picked up and the upward trend in real estate and the growth rate has reached double digit. Analysts also say that Federal Housing Tax Credit policy has helped growth of real estate in Chicago. It was a buyer's market till very recently and the expectations are some more properties would enter the market during the spring. Analysts are of the opinion that the phase of buying and selling will pick up in the near future.
Present market trend:
As in many other cities, even in Chicago there is a real estate association called as Chicago Association of Realtors. The Association has more than 16000 members on roll. As a matter of fact, this is one of the oldest Associations of the type which was established in the year 1883. The Association helps the members in all matters like lease and purchase of real estate properties including property management of estates etc.
The price structure of properties in Chicago has huge variation ranging from $165000 to $ 825000 depending on the location of the property managment, type of property and the floor area etc. As per the recent analysis, about 32000 properties are now put on sale with the Association of Realtors. In so far as properties available for rentals, the rentals vary from $999 to $1850 for 2 bed room studio apartments.
Tips for buying properties:
Experienced realtors say that before buying property one should understand the surrounding where the property is situated and the buyer must ensure that it is suitable for him. The buyer should examine the property carefully and see if there are any defects. If need be he can take the help of civil engineer or architects to evaluate any defect in the property. Take the help of experienced real estate attorney and ensure that the buyer has marketable title over the property. The terms and conditions of agency funding the purchase should also be carefully understood. He should take the assistance of experienced realtors in the neighborhood because such realtors would have the knowledge of the property and therefore they will be able to give the appropriate advice to the buyer. In addition to built up area if the property has vacant land, then such property will attract higher value.
