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Where To Buy In Chicagoland
August 8th, 2013 5:26 PM

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 of Chicago 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.

1st 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.

Upgrading homes

·         Skokie, Lincolnwood, Park Ridge, Barrington, Wayne, and Clarendon Hills ($225,000 - $435,000)

2nd 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 Luck!


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Posted by Michael Hobbs on August 8th, 2013 5:26 PMPost a Comment

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