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International Home Buyers Shatter Sales Records!

According to the National Association of REALTORS®’ 2017 Profile of International Activity in U.S. Residential Real Estate report, between April 2016 and March 2017 foreign buyers and recent immigrants purchased $153 billion of residential property in the U.S. That significantly surpassed the previous high of $103.9 billion in 2015.

During this period, 284,455 U.S. properties were purchased by foreign buyers, up 32 percent from 2016, NAR’s report notes.

Chicago is well-known as an attractive place to invest in real estate among overseas buyers.  As a matter of fact, many are making Chicago their primary residence. Chicago is attractive as a place to invest in real estate because of its vibrant city and exceptional lifestyle offering at only a fraction of the price of purchasing in New York City or San Francisco.  

Chicago's top 5 immigrant populations and their approximate numbers are:

How To Make A Strong Offer That Gets Accepted

Housing inventory in Chicago and the Chicagoland suburbs remains low, making our local residential real estate market a seller’s market. Well-priced homes in desirable locations are selling quickly, and in some instances, receiving multiple offers.

In this climate, making a stronger offer than other buyers will make all the difference. Your agent will guide you through the process and help you create the strongest possible offer within your comfort zone and affordability limits.

Here are some things to consider to make your offer as strong as possible and, ultimately, acceptable to the seller.

City of Chicago Housing Market Trends as of June 24

We are now beyond two years of year-over-year declines in inventory of available homes for sale, and it doesn't look like the situation is going to change anytime soon.

In spite of the lack of inventory, buyer demand and home prices continue to rise, and the number of distressed homes continues to fall.  

For single family detached homes in the City of Chicago, for the week ending June 24: new listings decreased 9.2%, under contract sales increased 30.5%, and housing inventory decreased by 7.7% compared to the same period last year.  For single family attached homes, new listings increased 15.4%, under contract sales increased 1.9%, and inventory decreased by 8.1%.

Home buyers are faced with rising prices, limiting their options further, along with fierce competition in Chicago's most desirable neighborhoods. Contact Us for expert help finding your next home . . . it's what we do every day.