I have gotten a few calls from people asking where should I buy now? I know the market is really hot but where would be a good place for an investment? Well, here is one of my tips for buying right now if you are looking for an investment property maybe, even a rental property. I have even gotten calls from people looking to buy a condo for their child that is going to start college in the fall.
One market that you might want to think about is the Gold Coast in downtown Chicago. Why? Why are you thinking? Well there is an 11 months inventory. That’s right 11 months! Doesn’t mean a condo will be on the market for 11
months, it just means if nothing new is added to the market, it would take 11 months for everything to sell. Compare it to a suburb, say Naperville it’s around one month inventory. Stuff is moving fast in the suburbs. Gold Coast it has 11 months inventory, it is a buyers market. So great place for an investor right now to look at is the Gold Coast!
Number 2 area that you can think about as an investment would be the South Loop area. The current month inventory for July 2021 is at 6 months. Technically 4 – 6 months is considered a balanced market. But it is at 6.1
so it is ticking up there so South Loop is one to keep an eye on if you are thinking of buying an investment property.
Alright those are my 2 areas, tips for 2021 where you should think about buying an investment property. I’m Amy Pearson with @Properties, please keep me in mind if you are thinking about buying or selling