Chicago Home Sales Up in August 2016

After a dip in July 2016, the number of Chicago home sales increased in August 2016.

Sales increased 7.6 percent, with 11,906 homes sold in the nine-county area, up from 11,066 during August 2015, according to Illinois Realtors. The median price increased 4.5 percent to $230,000.

In the city of Chicago, home sales rose 2.6 percent with a median price of $275,000, a 1.5 percent increase. The condo market was relatively flat, with sales up less than 1 percent, and the median price down slightly to $304,000.

The Luxury Living Chicago Realty sales team‘s median sale price is higher than the city wide number, with an our average sale price coming in at $529,000 for the month of August 2016. This is because we specialize in downtown Chicago condos for sale.

Read the full Chicago home sale report here.

Avoid First-Time Chicago Home Buyer Mistakes

Buying your first Chicago home is a very exciting time in your life. The entire experience is new. It is imperative to work with a Chicago real estate team that understands the unique concerns and needs of someone purchasing Chicago real estate for the first time.

There are a few things you should keep in mind when searching for downtown Chicago real estate to buy. Recognizing some of the pitfalls of purchasing real estate will help you navigate the sales process seamlessly.

1.) Don’t Become Emotional

It’s very easy to become emotionally invested in real estate purchases. Perhaps the property brings about a feeling of nostalgia, or you can already envision your entire life living there and it seems perfect. However, don’t let your emotions get the better of you. Looking at a home objectively will help you steer clear of what happens when you make an emotional purchase – overspending.

2.) Don’t Spend More Than You Can Afford

Speaking of overspending, set a realistic budget and stick to it! When establishing your price range, remember to include costs of any upgrades you would like to make, utility payments, assessments and property taxes.

Meeting with a Chicago mortgage lender to get pre-approved will help to create a budget for you and your real estate agent.

3.)  Don’t Continue to Shop

Once you have found a home that meets most of your required needs, in a location that works for you, within your established budget then it is time to stop shopping. Continuing to look at real estate will only cause paralysis by analysis. Be confident in your decision and happy you have found a place to call home.

Following the above advice will help you keep a clear head when searching for your first Chicago home to buy. Above all else, remember to have fun. Buying your first home is a once in a lifetime experience.

Work With Us

Get in touch with Luxury Living Chicago Realty 's team of experienced licensed real estate brokers and take the first step in buying or selling a home in Chicago.