Trends in Buying a Home in Chicago

checklistAccording to recent survey published by the National Association of Realtors (NAR) on statistics for 2011, 61% of new buyers of homes in Chicago are first-time buyers with a median income of $85,700. Home buyers are younger in Chicago, averaging 35 versus the national average of 45 years old and 19% of the Chicago home buyers were women. Buyers reported that finding the right property and understanding the home buying process and paperwork were the most difficult steps in the buying process.

Buyers listed the main reasons for purchasing a new home as largely “it was just the right time” or due to timing coinciding with home affordability. At, we found it interesting to note that photos, detailed property information, virtual tours, and detailed community information, including interactive maps were sought after tools for home buyers. When asked why a home was purchased in a particular neighborhood, 75% of those surveyed reported “quality of neighborhood” while 62% bought a home close to their job and 60% sought a home close to public transportation. At Sergio and Banks we work hard to match you with your Chicago neighborhood of choice, factoring in all of those variables and more. Call us to see how we can help you find your next home! Click here to see other survey results.

Creative Commons License photo credit: Alan Cleaver

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