Aptly being titled one of the best markets for homebuyers to invest in, Chicago is steadily attracting real estate investors with its rock bottom rates and variety of options. As any real estate agent will tell you, whether you are thinking to buy a home for the first time or looking to fuel your retirement, Chicago is the place to be!

The Market at a Glance

Emerging as a buyer’s market through and through, 2012 closed with a slow market pattern. A large number of houses stayed in the market for a long time, and a majority of them were sold way down the initial asking price.

The increased number of foreclosures and a crunching economy are being touted as triggers for a flat market growth in 2013 as well. That said; it is safe to say that the approaching summers are one of the best times to invest in a first, second or even a luxury prwilloperty in Chicago.

Want to know which neighborhoods in Chicago top the list for a profitable and viable investment in 2013? Browse through the following options categorized on the basis of price and preference:

Real Estate Investment Options for First time Buyers

For first time homebuyers with a tighter budget in hand, condos are considered to be the best picks. With median prices mostly below $200,000, it is a smart option to go for condos rather than spending hundreds of dollars on rent. If condos are not on your list, houses along the suburbs of Brookfield and Forest Park are a steal with a median price under $200,000.

Post Retirement Options

Downsizing is a great way to cut down on your costs and make way for a profitable retirement. In this regard, our best picks are the condos located in Edgewater and the cozy houses in North Park. Priced at a very favorable range of $150,000-$250,000, these options are all well suited for retirees.

Why is now the ‘Best Time to Upgrade’?

According to most experts, the situations have never been so favorable for upgrading or buying a second property in Chicago before now. Suburbs offer a quiet and homey residence in DuPage county and Cook County, while Park Ridge and Skokie offer decent houses with stately surroundings. Houses in Wayne and Clarendon Hills are a little on the pricier side, but well worth the investment in the coming few years.

Final Verdict

Chicago Real Estate, Final VerdicThough most experts claim that the rates appear to be stagnant by now and there are no major chances of up-surges in the coming months, investors are encouraged to take advantage from the situation and make a profitable move into Chicago real estate investment front.

Home prices are being predicted to stay at their current level, moving neither up nor down. However, a rise of around 0.8% by the end of the 2nd quarter in 2013 is on the cards. Even though it isn’t much considerable in value, it is best for investors that they cash in on a deal during the peak summer season in Chicago.

All in all, Chicago can be safely deemed as a real estate investor’s haven at the moment.

by, Paul Cook: EquityBuild News Contributor

Source:

Statistics quoted from www.zillow.com and Case Shiller Fiserv