Chicago Real Estate Trends in 2011

July 30, 2011

ChicagoHere are some of the residential Chicago real estate trends and future predictions for 2011.

Apartments will continue to flourish: If there has been a bright spot over the last few years within the Chicago real estate market, it has been the rental market. Most people in this city have realized the benefits of renting instead of owning houses. There is more flexibility with the commitments and you’re entitled to a higher level of finishes and amenities. This demand for apartments is going to outperform the supply. The Appraisal Research shows that Chicago’s Class A downtown apartments have a 96% occupancy rate and these numbers are going to be strong throughout 2011.

Buildings will be back: After a few challenging years, the market for brand new constructions is likely to come back with a bang in 2011. Slowly, but steadily, the properties are selling and brand new properties are breaking in. Community experts commented that there has been encouraging sales and they believe that there will be an uptick in 2011.

Buying will be for a long term period: In Chicago, the real estate experts predict that the buyers will purchase houses for a long span of time in 2011. According to recent studies, an average person moves about 12 times but thankfully this number is also likely to decrease. The idea that most people harbor that buying a home is beneficial for short-term money-making, will be practically gone. After 2011, people will buy a house with the intention of staying in it for the next 10 years, rather than 2 or 3 years.

Go green and gorgeous: As the ‘go green’ phenomenon is spreading fast, the high-end builders and developers have all planned to find ways to make their home look green and gorgeous. Most homeowners in Chicago will look forward to green homes that will ensure a reasonable electricity bill.

Due to present condition of the US economy, most homeowners in Chicago are planning to stay in their existing home and this means that they’ll be investing in changes that will look better and healthier. With the above mentioned trends, the Chicago real estate market is predicted to perform well and bring back good luck within the economy.Though the mortgage crisis is deepening in the third-largest U.S. city, an increasingly large number of people are resorting to refinance mortgage and loan modification to become current on their mortgage loans. How this will affect future trends remains to be seen.

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