The entire Chicago area condo market including the Palatine condo market is expected to be positively impacted by a shift in the values of the American homebuyer.  The generation of home buyers for the next few years are more inclined to low maintenance, high technology buildings than their predecessors.   These prospective purchasers, the twenty-somethings and thiry-somethings have needs and preferences quite similar to the baby boomers.  They want modern, high-quality homes convenient to amenities with not a lot of upkeep.  Just like the baby boomers who are retiring these condo buyers are looking to be near an exciting locals like Chicago.

There are a few things to consider when buying a Palatine Condo.  Many people make the mistake of shopping for a condo the same way they would for a house.  It is a similar investment but there are several things you need to consider.  Many people want to buy real estate to be free of the hazards of apartment dwelling.  When buying a condo you are buying a piece of a larger property, basically an apartment.  Next, there will be regulations.  Condo associations have regulations and bylaws that you must abide by.  With the associations you will need to know where your money is going.  What does the association fee take care of and what is the breakdown.  Next is to thoroughly review emergency maintenance plans.  Since you are buying a larger piece of real estate, other people’s problems can also affect you.  Be sure you know the emergency numbers for your association and what problems they cover.  Lastly, you should have an inspection before you buy. You not only want the unit evaluated but the entire building and grounds.  If you make a wise decision, you will be rewarded with many conveniences and a great home.

Housing affordability has been the best in decades.  In many real estate markets around the country as well as the Palatine condo market more households are now able to afford a median priced home than any time since 1970.  Most of this is due to an increase in household income and the continued decline in prices of homes being sold.  Right now most economists agree that the inventory of unsold homes is a huge obstacle, but inventories have been steadily declining over the last several months, which mean we are selling off the excess supply of homes.  Selling off the excess inventory will stabilize the market which bodes well for the economy in general.  When the economy is good and consumer confidence is high prospective home buyers flood the market starting the next housing boom cycle.