Our Chicago: Navigating the Chicago area real estate market with rising rates, rent hikes

Our Chicago: Navigating the Chicago area real estate market with rising rates, rent hikes

CHICAGO (TOC) — Earlier within the pandemic, we noticed a housing market increase. Now, we’re monitoring slower residence gross sales, rising mortgage charges and hire hikes.

It is a pattern that is forcing some potential patrons and renters out of the market, as housing prices change into too costly within the midst of record-high inflation within the U.S.

Professor Andrew Hanson from the Stuart Handler Division of Actual Property on the College of Illinois at Chicago mentioned the most effective issues potential patrons can do proper now, is store round for one of the best price.

“That’s positively going to avoid wasting you some cash,” Hanson mentioned.

Our Chicago: Half 2

For renters, if it is doable to remain put, Crystal Chen from the actual property platform Zumper mentioned that could possibly be choice in the interim.

In response to Zumper, Chicago is the thirteenth priciest metropolis within the nation and competitors is fierce to safe models.

“These brokers are telling perspective tenants to place their greatest foot ahead on their utility. And so they’ll have just a little half that claims ‘how a lot are you keen to pay for an condominium?’ So that they’re making an attempt to get perspective tenants to supply greater than the marketed hire to get the condominium,” Chen mentioned.

Chen beneficial asking about move-in specials which may not be marketed, transferring in with roommates to assist lower your expenses and ready till the winter months to search for a brand new condominium, when higher offers are often supplied.

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