Community Corner
Burr Ridge Home Sale Prices Down in 2012
Economists told Chicago Magazine now is the time to buy.
Economists are now on board with what real-estate agents have been saying for years— when it comes to buying a home, now is a great time to buy, according to an article in Chicago Magazine.
The median sales price of a home in Burr Ridge in 2012 was $586,000, down 3.3 percent from 2011.
Zillow Chief Economist Stan Humphries told Chicago Magazine the Chicago housing market has hit "rock bottom" and is not expected to rebound too quickly. The summer is exported to be an opportune time to buy when more houses typically go on the market, according to the article.
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From there, home prices are expected to increase by .8 percent by the end of the second quarter of 2013 and by five percent by the end of the second quarter in 2014, according to the article.
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