We found a great PDF over at the Illinois Association of Realtors web site, outlining 10 important facts you should know about the real estate market in Illinois. Without further delay:
1. There is no such thing as a national real estate market. What happens in Las Vegas…well, as far as the housing market there, yes, it tends to be very different than Illinois. Real estate markets are local, so don’t get too concerned about what’s happening outside of where you are selling (and want to buy). Pay attention to local pricing trends, volume movements and changes in inventories, rather than misleading news headlines about national sales trends.
2. Over the long term, Illinois home values are relatively stable. From 2004 to 2007, the median price of an Illinois home increased 10.3%. In the Chicagoland area, the news is even better — the median price rose 13.9%. Owning a home remains a smart investment over the long term, especially for those who keep their home for six to ten years.
3. Your house is your home, not just a place to make a quick buck. While speculators and investors certainly were present during the recent housing boom, most homebuyers don’t buy their home to flip it. Remember that there’s value in the local community, your neighborhood and the piece of mind of owning your own home — things that are hard to measure, but certainly of value. Continue reading