Illinois Land Auctions Online: A Complete Guide on Illinois Real Estate and Online Land Auctions
For many years, Illinois has been one of the country’s hottest real estate markets.
According to stats, the yearly real estate appreciation rate has been 4.40 percent over the last ten years. Therefore, if you invest in real estate in Illinois and utilize it as a rental property, you may profit from the current market.
With a population of about three million people, Chicago (the biggest city in Illinois) is the most populated city in the Midwestern United States and has another ten million in the surrounding metro region. It is also a major global financial center, with the country’s second-largest central business district.
Chicago has 32 Fortune 500 companies headquartered in it and a significant level of private-sector employment. Furthermore, in 2018, Chicago had 58 million domestic and foreign tourists, placing it second in the US after New York City, which had 65 million visitors.
These are just a few reasons Illinois is such a desirable city to live and invest in real estate, and the list could go on indefinitely. Check out Illinois land auctions online!
Why Invest in Illinois Real Estate?
Illinois is the fifth-largest state in the US in terms of population. It features a wide range of geographical features, including agricultural regions, large cities, industrial cities, and natural resources ranging from coal to lumber. Wrigley Field, the Chicago skyline, the Lincoln Presidential Library, and real estate investment opportunities are all reasons to visit Illinois.
Boeing, Walgreens, State Farm Insurance, Caterpillar, Allstate, McDonald’s, and Kraft Foods are a few of the Fortune 500 corporations that call Illinois home. In addition, finance, livestock, agriculture, medical, and biofuels are the major industries that boost the state’s overall economy.
Illinois is successfully attracting real estate investors because of its broad economy, which makes it a desirable area to live for employees. Although real estate investment opportunities exist throughout the state, some of the best opportunities are found in large cities like Chicago, Rockford, Aurora, and Joliet.
The population growth rate of Illinois has averaged 0.07 percent per year over the last 10 years.
In comparison, the country’s annual population growth rate was 0.69 percent. During those 10 years, Illinois’ overall population increased at a rate of 0.60 percent, compared to a national rate of 6.23 percent.
The typical home value in Illinois is currently $187,200, while the indication for the United States is $204,900.
The yearly rate of change in housing values in Illinois has been -0.12 over the previous ten years.
Property prices changed at an average annual pace of 0.13 across the country. The typical gross rent in Illinois is $984, compared to $1,023 in the rest of the country.
Current trends in Illinois Real Estate
House sales in Illinois in 2021 increased by 11.8 percent, while median prices increased by 11.1 percent, as properties sold faster than in 2020. In the second year of the pandemic, both Illinois and Chicago saw considerable growth in median prices in 2021.
Illinois’s annual growth rates ranged from 5.38 percent to 22.73 percent each month.
Buying Real Estate in Illinois: Traditional Vs. Land Auctions
When buying real estate in Illinois, you have two options: regular sale or auction.
Both the alternatives have their own set of drawbacks that you must weigh first in order to get the best deal.
However, if you make a smart strategy for land auctions, chances are you can get the desired land at an unbelievable price.
What Is a Real Estate Auction? How Does it Work?
Land auctions offer a commercial building or piece of land to a number of potential buyers all at once, rather than presenting it to interested parties and waiting for them to make an offer.
When the auction begins, interested buyers place bids on the property. The property is “won” by the person or company with the highest bid by the end of the auction. Also, buyers must fulfill a minimum sale price (reserve) for some auctioned assets.
What Is a Traditional Sale?
In the conventional property selling method, a real estate agent will show you the property and wait for you to decide. Then, you can inspect the structure or land and verify whether it matches your requirements.
Several potential buyers then make a purchase offer through the agent, and if the seller accepts yours, you will get the property. After accepting an offer, the closing normally takes place within 60 days.
During this time, you must finalize your finance arrangements. Also, the property’s title deed is verified for clarity, and the property itself may need to be inspected for any concerns.
Why Buy Your Next Property at Auction?
The biggest benefit of buying a business property at auction is the speed with which the transaction may be completed.
Sellers don’t have to wait for the buyers to acquire financing because they must have the funds on hand on the day of the transaction or shortly thereafter.
Another advantage of buying a home at auction is that potential purchasers bid according to the property’s condition. So if you know how much others are willing to pay for the property, you are unlikely to be overpaying for it.
Where to Look for Illinois Land Auctions Online?
If you are looking for the best land auctions deals in Illinois, then Auction Flippers is the right place for you. They have been in real estate since 2009 and purchasing and selling homes across the United States.
Auction Flippers’ inventory includes residential, commercial, and farmland lands and structures across the country. Also, their whole procedure of funding or financing the investment is relatively straightforward because no banks and no credit checks are involved.
Likewise, customers can browse the inventory and buy with only a 20% deposit. The successful bidder can pay the remainder within 30 days and can even take the help of the numerous payment plans and financing options.