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Illinois Real Estate Market Forecast For 2023

Home sales declined and prices increased in the Illinois housing market in 2022 as mortgage rates rose. For example, 16,194 homes were sold in Illinois in May 2022, a 10% decrease from the previous year. Also, in May 2022, there were 11,641 homes sold in the nine-county Chicago region, which is a 10.6% drop from 2022. What does the market hold for 2023? Keep reading to learn about the Illinois real estate market forecast for next year. Then, speak to an Illinois real estate lawyer at Covert Marrero Covert, LLP if you have a real estate question...

Steps to Take When Buying a Foreclosure

A foreclosure purchase is a bit more complex than the purchase of a listed property, but a great deal can make the hard work worth it. If your home is going into foreclosure, on the other hand, hire a foreclosure defense lawyer to fight for your rights. How to Purchase a Foreclosed Property in 5 Easy Steps Buying a foreclosed property involves these basic steps: Step 1 – Find Representation Before you look for foreclosed properties for sale, find an agent with experience. The purchase has several risks you may not be aware of before it is too...

Will Short Sales And Foreclosures Increase In 2023?

Foreclosures and short sales may increase significantly in 2023 in Illinois and the US. Home sales are low, and prices skyrocket as inflation takes over the nation. However, there has been an increase in home sales in the state compared to 2021. So while foreclosures and short sales are at an all-time high, these sales may tip the balance in an investor’s favor. Housing Costs on the Rise in Illinois Today, potential homeowners in Illinois must pay about $8,000 to secure a property. This includes $5,000 yearly for the mortgage. Skyrocketin...

What Crimes Are Increasing In Illinois?

Safety concerns are rising among Illinois residents (up by 36% in 2022) because of the escalation in violent crime rates. According to the 2022 report on Illinois crime rates, the state saw 4.3 violent crime incidents per 1000, compared to the nation’s average of 4.0. It also ranks among the top ten states for package theft and property crime. 4 Crimes Illinois Residents Are Most Concerned About Only 42% of people in the state feel safe, and 64% have significant concerns about their daily safety. Listed below are the top four crimes resid...

How Rising Interest Rates Are Impacting the Real Estate Market

On May 4th, 2022, The Federal Reserve announced that short-term interest rates would increase by 0.50% to combat inflation and stabilize the economy post-pandemic. The rising interest rates have broken records and have had a noticeable impact on the real estate market, particularly for investors. This is nothing new. Interest rates have historically been reduced to support an ailing economy by stimulating growth. It’s what happened during the recession and when the Covid-19 pandemic first hit. The downside was inflation, which increased inter...

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