Our 2013 Real Estate Predictions for Chicagoland

Happy New Year as we welcome in 2013. 2012 was a great year and I am optimistic that 2013 will be better than 2012. I have 5 predictions about what will happen this year in the Chicagoland Real Estate Market and the homes that are for sale in the marketplace.

#5: Shortage of Quality Inventory: I have been saying that our marketplace has a shortage of quality inventory(inventory that is priced right, shows well, has new upgrades, etc) This is the type of home that the buyers in the marketplace are eating up right now.

#4: Rents continue to rise: With short-sales and foreclosures still occurring, along with Generation Y/Millennials turning another year older and starting to move out of their parent’s homes, this will continue create the demand that we have seen the last several years.

#3: Short Sales Continue to Occur, Bank-Owned Properties Continue to Appear, Both with Less Frequency: I still expect to see many short sales and many bank-owned properties come on the market in the marketplace,  just at a lower frequency than previous years due to the fact we are through many of the expected resets and defaults.

#2: Sales Will Be Up Again This Year Over Last Year: I think that sales will be up again this year, due to people having a compelling reason to buy or sell, people who have put off moving for the last several years.

#1: Pricing will rise…: *Pricing will go up in areas due to demand and depending on the area. I expect pricing if it goes up only to go up by fractions of a percent.

Bonus #1: Appraisal issues: I think we will see appraisal issues due to lack of inventory and multiple offers, as a result homes might sell for over perceived market value and as a result create a snag in the appraisal process.

Bonus #2: More Builders Beginning to Build: Many Builders have been building in the current market, but many have sat out. I predict we will see more builders entering the marketplace in order to satisfy demand.

Why Move To Chicago?

Why move to Chicago? Why not? In all seriousness though, Chicago and Chicagoland have much to offer for anyone moving to the area. Whether it be education, employment, family, friends, or just to be a part of a World-Class City and metro area, Chicago has a lot to offer.

Chicago proper is home to about 2.7 million inhabitants, the metro area often referred to as “Chicagoland” is home to about 9.4 million people. Some of the top publicly traded companies in Chicagoland include, Walgreens, Boeing, Kraft Foods, Sears Holdings, Abbott Laboratories, United Continental, Allstate Insurance, McDonald’s. Exelon, Navistar, Baxter, Motorola, AON, CDW, & OfficeMax to name a few. Some of the up and coming companies started in Chicago and Chicagoland include, CareerBuilder, Calamos Investments, Goose Island Brewery, Two Brothers Brewing, Oberweis Dairy, & Norvax/GoHealth.com to name a few.

Nearby educational institutions include Northwestern University, DePaul University, University of Chicago, Loyola University-Chicago, Argosy University, Northern Illinois University, University of Illinois-Chicago, Lewis University, North Central University, Wheaton College, Harper College, and College of DuPage to name a few.

This is a couple reasons to move to Chicago, more to come.

Welcome to Relocate2Chicago.com

Thank You for checking out Relocate2Chicago.com. We hope that this website will act as a resource for those who are relocating from other parts of the United States and the World to Chicago, other out of market real estate agents and brokers who have clients relocating to Chicago and finally to companies who often transfer employees to the Chicago Market. We are here for you. If you have questions, comments or concerns about this blog or moving to Chicago, please contact the Blog’s curator, Patrick Binning of RE/MAX All Pro for more further details.