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Updated over 1 year ago on . Most recent reply

David Kieta's profile image
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David Kieta
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David Kieta
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David Kieta
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Market Trends & Data

National Home Prices are on the rise. . . . . . Again.

David Kieta
Posted

According to this article, Chicago home prices are rising with the "steepest annual price growth" (4.4%). This is interesting. During the initial COVID home price boom, Chicago home prices increased about 18-21%. This was quite modest compared to cities in the South East, North West, and South West. Cities in those areas saw home price increases of 50-100%, and in some cities over 100%. Now cities like Las Vegas are seeing a price decline (7.2%). 

This is great news for sellers, but bad news for homeowners that are staying put. It will be difficult to appeal your property taxes with no supporting sales evidence. Homeowners will need to use an equity/uniformity argument. 

https://markets.businessinsider.com/news/commodities/home-pr...

Chicago, Illinois
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Ryan Muska
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  • from Saddle Brook, NJ
  • Member since May 30, 2023
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Ryan Muska
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  • from Saddle Brook, NJ
  • Member since May 30, 2023
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Ryan Muska
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Ryan Muska
  • Lender
  • Saddle Brook, NJ
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Reaffirms the saying: "Now is always the best time to buy"

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