Ready to purchase a home in the Chicagoland area? The options could make your head spin. Which neighborhood? Do I want to live in the city or in the
suburbs? Am I upgrading or downsizing?
How much do I want to spend? How much
can I borrow? A condo or house?
On average prices are 38% lower than they were at the peak
of our market. With all the choices out
there, one could have a lot of due diligence on their hands, even with a
Realtor. Well, thankfully Dennis Rodkin
Agent Magazine has done most of the research for you and has
broken it down to some very key, strategic areas.
Rodkin combed the 6 major Chicagoland counties for areas
that had dropped at least 35% in value but were also predicted to appreciate
over the next few years. These areas had
established shopping and dining, and ample transportation options.
So which areas did he pick? Dennis broke it down into 4 main
categories: 1st time home
buyer, 2nd home, upgrading purchases, and downsizing buyers.
time homebuyers are encouraged to consider:
Single family homes in Forest Park, Des Plaines,
and Brookfield. Average prices ranged
from $160,000 to $190,000.
Condo deals in Chicago were in Avondale, Portage
Park, and Edison Park. Prices varied
from $60,000 to $118,000.
Skokie, Lincolnwood, Park Ridge, Barrington,
Wayne, and Clarendon Hills ($225,000 - $435,000)
Homes (for weekends in the city)
Old Town, Printer’s Row, and East Randolph
St. ($210,000 - $270,000)
Downsizing (perhaps empty nesters)
Condos – North Park, Bridgeport and Edgewater
($130,000 - $248,000)
Single family homes – Willowbrook, Woodstock,
and Grayslake ($136,000 - $363,000)
So there ya have it, a nice concise list of 21 areas that
buyers can consider right away. Good