Illinois is as diverse a state as its cities and people. Located in the heartland of America, the Land of Lincoln still remains a great choice for anyone looking to invest in real estate. And Prolific Real Estate Business Astrologer™, Strategist and Advisor, Hirav Shah tells you which locations and why…
1.Chicago Real Estate
Nicknamed Chicagoland and the Windy City, Chicago is the third most populous U.S. city, has the third busiest airport, and is centrally located to all its sister gateways. It also happens to be way more affordable.
Sounds amazing, isn’t it…
Property investors looking for an approachable gateway location have a no-brainer option in Chicago. It boasts a powerful economy like coastal markets New York and Los Angeles, though some residents might find it cleaner than the former and kinder than the latter.
Median home sales prices in Chicago are projected to keep rising in 2021 as the demand for housing in metropolitan Chicago exceeds supply. Both the city and the suburbs are seeing growing demand, with inventory down to historically low levels.
Note that, investing in rental property in Chicago could be a smart move this year and in the following year, with more households in Chicago renting instead of owning.
2.Ottawa Real Estate
Ottawa real estate market is growing slowly and steadily. It is another cool market that’ll be heating up in the future.
Ottawa presents a solid opportunity for investors. The median home value here is $115,600, with a median list price of $142,450 and a median sale price of $128,100.
In Ottawa, 14.9% of homes have negative equity, again foreshadowing the coming opportunity to take advantage of future foreclosures that hit the market. Additionally, 12.3% of listings have a price cut associated with them.
While the one-year forecast might indicate only a small amount of growth, the fact that appreciation continues to rise in this area and that it offers a suburban atmosphere with great schools means it’s a desirable community that’s bound to keep growing.
So, watch out for Ottawa, investors !!
3.Naperville Real Estate
Naperville market has some excellent opportunities for investors.
Reason, well, schools are a vital reason.
This generation ― born in the 1980s through early 1990s ― once eschewed buying houses because they feared taking on debt. Now as they get older and have children, they find they want home ownership.
And they’re choosing to live in Naperville because of the schools…
Homebuyers typically consider the location, amenities available in the area, and pricing.
But in Naperville schools trump everything.
Naperville’s median home value is well above the state’s average at $397,600. Home values in this area have grown by 1.7% in the last year and are expected to grow as much in the coming year.
All in all, Naperville offers lucrative real estate investment opportunities.
Don’t ignore the unsung “Naperville”.
4. Rockford Real Estate
“Forest City”, Rockford, is one of the best rental investment choices in 2021. It is located in northern Illinois and sits on the Rock River. Rockford’s home values have increased 34% year over year! The median sale price is very affordable at just under 100k and rents are strong at $745.
With an average number of days on the market the lowest on the list at 4, and leads impressively hovering over 50 per property, the City of Gardens is a strong pick for your next rental investment property.
5. Forest Lake Real Estate
Forest Lake is a great, beautiful, small, suburban community that has a lot of curb appeal and a lot to offer interested renters. Since prices are low right now, investors can benefit from the forthcoming appreciation.
With an average rent of $2,586, far above the national average, investors who choose to purchase property in Forest Lake can also enjoy a decent rental income and relatively low cost of upkeep, adding to the reasons that Forest Lake is one of the most lucrative investment markets in Illinois.
What happens in the coming months and even years will depend on several factors: the pace of new construction, the strength of the economy, more homeowners willing to sell and waning demand, to name a few…
But, whatever be the case, Illinois will always have an attractive real estate market for the investors, especially in the locations mentioned above. More so, Illinois has a pretty diverse economic base and this will always support real estate.
Hirav Shah who is a pioneer in introducing Astro-Strategy for Real Estate Business Revolution, to increase the certainty of success, specially advises real estate investors that, miss out on anything but don’t miss out on investing in Chicago, Ottawa, Naperville, Rockford and Forest Lake.