Thinking About Buying in Chicago?

By Tali Wee

If you’re considering moving to Chicago anytime soon, you’ll be glad to know that it’s ranked one of the top buyers markets and best places for first-time buyers.

The housing market across the country is still highly competitive, outpricing first-time buyers who typically have smaller down payments than other shoppers or investors. Zillow evaluated major metros nationwide to determine markets with the most opportunity for first-time buyers, looking at home values, affordability, inventory and the amount of competition from all-cash buyers. Chicago was ranked fifth, with a median home value of $203,700. Homeowners in Chicago spend 14 percent of their income on their mortgages.

Homes move so quickly in many markets that shoppers must make snap decisions to compete, leading to a stressful or regretful experience. Fortunately, inventory is high in Chicago, allowing buyers time to shop around before making the serious decision to purchase. Chicago ranks second in the country as the best buyers’ market for 2016. The extensive inventory grants buyers more negotiating power with sellers. Plus, sellers offer more price cuts to prevent homes from sitting on the market too long.

If you’re less interested in available properties and more drawn to custom homes, the city also offers several new construction developments. Burlington Meadows is a small community in North Naperville offering single-family homes, wooded views, and spacious backyards. Lehigh Station is also in Dupage County, in Aurora, offering more contemporary townhomes surrounded by walking paths and quick access to retail and restaurants.

The Lakewood Prairie community is located in Joliet, about 45 miles southwest of the Chicago Loop, offering single-family homes along with a club house including a pool, tennis court, sand volleyball area, and playground. Kearney Glen, near Lakewood Prairie, is a new development of single-family homes with open floorplans, offering community attractions such as a pond and playground. Depending on what you’re looking for, you should be able to actualize your dream home in one of the many communities near Chicago.

Whether you’re customizing a new home, landing a move-in-ready property or adding your own touch to a fixer-upper, you’re likely to have some of the best buying luck in Chicago this year. 

For reference:

Top Buyers’ Markets

  1. Philadelphia
  2. Chicago
  3. Baltimore
  4. Hartford, CT
  5. New York/Northern New Jersey
  6. Miami
  7. Indianapolis
  8. Jacksonville, FL
  9. Virginia Beach, VA
  10. Orlando, FL

Best Places for First-Time Home Buyers

  1. Indianapolis, IN
  2. Pittsburgh, PA
  3. Memphis, TN
  4. Cleveland, OH
  5. Chicago, IL
  6. Oklahoma City, OK
  7. Louis, MO
  8. Houston, TX
  9. Tampa, FL
  • Birmingham, AL

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