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Report: Illinois home prices expected to continue rising in 2017

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The low inventory of available homes is expected to continue into next year

Curbed Chicago Flickr pool/Romeo Banias

The last few years have proved to be a windfall for many sellers in the Chicago area as the real estate market finally and fully rebounded from the long recession which devastated the economy and housing market. However, after a solid couple of years of increasing prices and quick home sales, some things are expected to change for next year. According to predictions from the Illinois Association of Realtors and University of Illinois professor Dr. Geoffrey J. D. Hewings, home prices in Chicago and throughout Illinois are expected to continue rising, but the low mortgage interest rates that buyers have been getting in the last couple of years may finally start climbing.

However, two other things to keep in mind are how the rising mortgage interest rates and the continued low inventory may affect the real estate market moving into 2017. Buyers are rushing to close on homes right now to try and take advantage of the low interest rates, but could be deterred by higher rates that could take effect in the coming months. Meanwhile, available inventory actually continues to decrease, offering buyers less options and more competition.

Illinois Association of Realtors