Homes Near The Google Building In Chicago’s West Loop – 5 Reasons Why You Should Buy Now!

Homes Near The Google Building In Chicago’s West Loop – 
5 Reasons Why You Should Buy Now!

If you haven’t heard by now,  Google is calling Chicago’s Fulton Market district in the West loop their soon be home of their brand new 200,000 square foot office building. Since construction began last year, new construction and tear downs have been a daily occurrence. What once was a predominant industrial area, is slowly turning into one of the hottest areas in Chicago.  Here are some of the top reasons to buy some real estate here before it is too late.

1.       Jobs - Google’s new home which is the old Fulton Market Cold Storage warehouse will generate 500+ jobs.  Employees moving to this new office will need to purchase or rent new residences near the building.  Also, this will generate a ton of revenue for local businesses.

2.       Restaurants – Chicago is home to some of the best restaurants in the country, but majority of the top rated ones are located right near the new Google building.  Next, located at 953 W. Fulton Market was rated top in the city by USAToday.  There are many new and “celebrity filled” restaurants that have just opened up this year alone, such as the Soho House, which is also in New York and LA.

3.       Rental Market – Maybe this area has too much excitement for you.  If that is the case, then purchase it as an investment and rent it out.  Median rental price for a 2 bed 2 bath condo is $2,650 up from $2,350 in 2013.  Make sure you contact me before you do.

4.       Sales Prices – Over the past year and a half, values have appreciated almost 20%.  As soon as this Google building is completed, it will go up even more with the growing demand. 

Property Values Have Appreciated 20% since 2013

5.       Transit – The Google building is located in an area of Chicago that has great transportation options. Whether you are taking the "L", driving your car, or taking the bus.  Google’s location has it all.  It is home to the Morgan Street Station which was completed in May of 2012.  It provides easy access to both the city and the suburbs. In addition to the “L”, it has great access to all the major highways I-90, I-290, and I-94.  

If you are looking to invest or move to the City of Chicago, the Fulton Market District in the West Loop would be a great choice for you.  I definitely recommend it considering I currently reside here. Please feel free to contact me if you have any questions or need an agent in your next Chicago real estate transaction, especially if it is for homes near the new Google building in Chicago.

My Agent wants to list my house too low. I think it’s worth more

“My Agent wants to list my house too low. I think it’s worth more”

Are you selling your house? Do you think your house is worth a lot more than what your agent is telling you?  If this is the case, you should stop and do some research before you jump to conclusions and possibly fire them. 

Here are a few things to remember:

1.       First thing is that just because you may have made improvements to your home over the past couple years, doesn’t mean you will get dollar for dollar value added to your homes market value.

2.       If your neighbor’s house is listed at a high price, it does not mean that your house is worth what is listed.  Remember, anyone can list a house for a high price, and it does not mean that it is actually worth that amount.

3.       IT IS WHAT IT IS.  The value of your home is based on closed sales in the area. Therefore if similar homes to yours are selling for a certain amount, odds are yours is worth something very similar.  Hot to determine the value of your home

4.       Use COMMON SENSE – Ask yourself “Why would anyone pay X amount of dollars for my home, when they can purchase a similar home down the block for X amount less?”  You need to look at listings in your area to determine which ones are competing with your home.  If you believe your home is in better condition and offers more than your neighbors, then yes list it higher.  But, if it is of similar condition then it will probably be listed at similar prices. 

5.       “I paid the same price for my home 5 years ago that my agent wants to list it for today.”  This may be the case. Homes tend to gain and lose value over the years.  Every market is different and it is up to an expert in your area to tell you what the market is doing in terms of current value.

6.       “ZILLOW & TRULIA are saying my home is worth X amount.” – Zillow and Trulia are not accurate. They determine their value from a mass database of properties.  Many times that data is outdated or incorrect.  Don’t ever rely on their numbers!

In conclusion, prior to choosing an agent make sure that they have knowledge of the market and values.  Google them, ask around, and interview them.  There are thousands of agents in the country, and half of them are only part time, if that!   If you are still unsatisfied with the agent you hire, then hire a certified appraiser to give you a true market value.  A typical appraisal (AnywhereAppraisals.com) will run you about $300.  It is well worth it in the long run.

So next time you think“My Agent wants to list my house too low. I think it’s worth more”, be sure to do some research before making any decisions.