Trends to Expect for Chicago Condos in 2015

January 16th, 2015 by: relatedchicago

 “Time is running out for existing inventory. The current sales pace and number of waldorf-astoria-chicagoexisting unsold Chicago condos suggest there is less than one year of inventory remaining in the market,” says David Wolf, president of Related Realty.

With the for sale inventory dwindling for Chicago condos, experts urge buyers to act sooner than later.  The low inventory directly influences the cost of apartment rentals by forcing would-be homeowners into renting purely out of necessity – which will keep rents sky high for 2015. However, the outlook is bright for Chicago condos in the near future, which are expected to make a comeback in the next couple of years with many new developments set to deliver in 2017.

What are three things the Chicago market can expect for 2015?

  1. Low Interest Rates
  2. Increased Incomes
  3. Current Lack of Supply

Although the market can be a volatile one, 2015 is sure to be a great year for potential Chicago condo owner’s, if one acts quickly!  Heed the advice of the experts and take advantage of low interest rates before inventory dwindles any further.

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