There are new buildings and developments going up, large companies moving back downtown, and an increased desire to live near the city center. For all those who are interested in investing in Chicago real estate — there are always opportunities when the market is hot, says Hirsh Mohindra. Being the third largest city in the country by population, Chicago is a key national market that itself accounts for huge growth potential in residential and commercial real estate sectors.
The launch of many new startups in recent months has ensured the availability of plenty of resources to rent or sell Real Estate. No wonder, the market has witnessed huge investment in the sector, and why not? Investors are betting big on Chicago’s increased growth and sustained demand to drive real estate prices higher.
You don’t have to be an expert to see this coming, says Hirsh Mohindra. Looking at market trends real estate technology and listing companies are seeing increased funding and a number of listings on their platforms. The digitalization of the real estate marketplace has opened up accessibility for potential buyers — and empowers buyers with more information on the housing markets.
Its typically large commercial transactions that get a lot of attention, but the residential housing market is balancing itself well, says Hirsh Mohindra. The residential sector has most recently been a sellers’ market, however recent trends indicate that the market is in significant favor of buyers in some markets as well. There is an upward trend in inventory that allows options for buyers and also kind of creates competition among sellers.
The other huge plus for the buyers’ is low mortgage rates that provide home-ownership options at more affordable rates. Currently, residential housing mortgage rates are hovering around 4% for a fixed 30 years, The market has not seen reasonable rates at this level for quite some time. Lower property prices, an increase in the number of properties for sale, and low mortgage rates all contribute towards a buyers’ market as well.
Chicago being a large city and having a large geographic footprint also notices that various parts of the city are seeing higher growth due to limited inventory, and other parts where buyers can find deals in light of an oversupply of inventory. So much research must be done on a neighborhood by neighborhood basis, says Hirsh Mohindra.