by Dan Firks, Real Estate Broker at RE/Max Enterprises
Q. What can be expected of real estate in 2015?
A. Every year the market changes – sometimes drastically and sometimes minutely – for either better or worse. This year, 2015 is expected to change for the better in favor of home buyers.
Zillow, a leading online real estate database company, makes annual predictions of what trends can be expected for each upcoming year. This year, 2015 is expected to be an ideal year for home buyers - particularly first-time home buyers in the greater Chicagoland area (Chicago ranks number 3 on their list). Zillow’s predictions suggest that young home buyers will have their best shot at finding a home and that first-time buyers who previously put off purchasing a home will now have breakthrough year. Zillow also predicts that buyers will have more negotiating power this year. The combination of increased inventory, rising rents vs a level for-sale market, and millennials previously postponing purchasing who are now in the market, gives buyers more overall negotiating power when making a purchase decision.
Zillow predicts that the best markets for first-time home buyers in 2015 are:
1. Atlanta, GA
2. Las Vegas, NV
3. Chicago, IL
4. Hartford, CT
5. Pittsburgh, PA
Zillow overall housing predictions for 2015 are:
1. U.S. rents will outpace home values
2. Builders will construct more, less expensive homes
3. Millennials will overtake Generations X as the
largest group of home buyers
4. Home buyers will have more negotiating power
If you’re a first-time home buyer, or maybe even a seasoned owner or investor, 2015 is expected to be a great year to consider a new home purchase in the greater Chicagoland area. If you’re a soon-to-be first-time home owner, Chicagoland and the Chicago suburbs are littered with affordable entry-level homes with strong home-value growth. If you’re a seasoned owner or investor, you could consider an entry-level home purchase to flip or use as a rental property. Each individual is ready for purchase at their own time, but if you’re credit, financial condition and life situation allow for a purchase, 2015 is an ideal year.
ask an expert Dan Firks specializes in real estate for Chicago’s western suburbs & won READER’s CHOICE for 2014. As a Naperville resident and Realtor, he has been named a “5-Star Real Estate Agent” by Chicago Magazine, Zillow, and is the #1 Real Estate Broker at RE/Max Enterprises. See Dan’s reviews on Zillow @ www.zillow.com/profile/