Buying a Home in the Lincoln Park
Chicago's Lincoln Park neighborhood is easily one of the most sought-after living destinations in the city. Given the area's bounty of offerings in housing, education, nightlife, culture, shopping and dining, it isn't surprising that people from all over the map move here every day.
What's on the Market?
Real estate in Lincoln Park caters to a wide range of household sizes, from single-person studios to five-bedroom family homes. You can find high-rise condominiums, townhome complexes, detached houses and four-flat walkups all within a few blocks of each other. Property values in Lincoln Park are typically on the higher side. The average home sale price is around $1.8 million ($468,000 for condos and attached units).
The neighborhood's real estate has appreciated significantly in past decades for several reasons. For one, Lincoln Park has a great location right by the lake and close to downtown. The stunning residential streets are like none other in the city – lined with large trees and beautiful architecture. An influx of well-to-do young families and empty nesters has rehabbed many of the area's older homes, bringing vintage dwellings up to date. And a wave of redevelopment has added plenty of 21st century housing to satisfy the demand for new construction homes and fully upgraded living spaces. Whether you are shopping for a bachelor pad or a place to settle down with the family, Lincoln Park has the ideal home for you.
Buying Tips
When looking for that perfect piece of real estate in Lincoln Park there are several things to consider before you start your search. And remember: finding the home of your dreams probably won't happen overnight, so get ready for a comprehensive exploration of the market.
Like any serious commitment, it is important to weigh the pros and cons of owning a home and whether it is the right time to buy. In a buyer's market like we have now, there is a lot of inventory to choose from and interest rates are relatively low. Prices in Lincoln Park have not fallen much (unlike in many other areas around the country), so be prepared to pay close to full value for the home you want. Besides being financially capable of purchasing a home, you should be in a place in your life where you can stay in the home for several years before wanting to sell. Also think about the everyday maintenance and expenses of owning property. Will these impact how you have to budget your spending? And what if an unexpected repair or renovation is needed? Do you have extra savings to cover the cost without stretching your resources too thin? These are all things you need to calculate for before setting out to search for a home.
It's also a good idea to familiarize yourself with the process that lies ahead. Talk with your Realtor about these questions: What is the general sequence of steps involved in home search and purchase? How much time should you be prepared to spend on visiting listings? Is there a date by which you are looking to be moved into the new place (if you are selling another home or relocating from another area), and is it feasible? How long does closing usually take after the contract has been signed? Who are reputable inspectors and attorneys in Lincoln Park? What are the utility rates in the neighborhood and who are the providers? Learn as much about home buying procedures as is necessary to make you comfortable with the purchase.