Is Now the Time to Buy Property in Chicago?
First-time buyers, recurring real-estate investors, or acquisitions companies; no matter who you are, investing in real-estate is once again becoming more popular following on from the infamous 2007 Global Financial Crisis. With digital platform growth, there is an increasing accessibility to education on the topic creating an invigorated awareness to increase financial gains. Investing can be a great way to prepare financially for the future, and to help shelter against future economic recessions or declines.
Last year saw a complete shutdown of Chicago’s hospitality, entertainment and tourist industries. Many streams of property owner’s income like Airbnb or Vrbo dried up, leaving many landlords grappling for financial stability. With states and countries alike now starting to re-open and allow travel, this may be the chance to get a head start on what is sure to be a boom in the tourist industry. Property owners can get in on this by making their properties available for short term stays in between long-term leases, or even solely focus on this particular market of renting.
With the Chicago society and economy set to fully open in July, and the rest of the United States and beyond following suit/preceding this move, an increase in the need for short-term, long-term and seasonal housing is imminent. This demand is reflected in the steadily increasing prices in the market compared to the same time last year, indicating that now is a great time to invest in Chicago real estate before prices climb back to their pre-pandemic rates – or even surpass them!
With real estate representing a dangerous and burdensome investment during the 2020 pandemic, this sense of trepidation is finally receding. Whether you are looking to invest in a personal home, downsize, upsize, purchase a single family or multi-unit building to rent for additional income, or begin a commercial business investment, 2021 is set to be a great year for making these types of purchases in Chicago!