Buyers and sellers always have a lot of questions this time of year: Is now a good time to buy or sell a home? Where are prices headed? And what are the local trends that will impact my home search or sale?
@properties co-founders Thad Wong and Mike Golden share their insights on these questions and more in @/The Market, our 2019 Market Outlook – the first of four quarterly updates to keep you informed.
Set in the award-winning sales center of 1000M, a new luxury condominium development on Grant Park, the first episode takes on a number of questions about the Chicagoland real estate market including:
- Whether rising mortgage rates would slow home sales in 2019
- Why some home sellers are taking on larger rehab projects prior to listing their homes
- Whether Chicago’s uber-luxury market is in for another record-breaking year
- Whether 2019 will be a buyers’ market or a sellers’ market in Chicago
The webcast also includes data on a handful of Chicago-area neighborhoods and suburbs that are indicative of broader market trends. Wong and Golden, along with @properties vice presidents Kim Kerbis and Jim Barcelona, share their perspective on:
- Humboldt Park, which bucked the trend of moderate price growth with an average sales price increase of nearly 25% in 2018.
- Elmhurst, where a wave of new construction is among the key factors driving price growth. The average sales price in the community was up 5.6% in 2018, outperforming the overall market.
- Lake Forest, one of the markets that is grappling with high inventory as buyers get more selective about the condition and décor of homes they find appealing.
- North Center, where, counter-intuitively, tight supply may be a factor in the neighborhood’s price compression.
- Lincoln Park, which illustrates the strength of Chicago’s record-breaking uber-luxury market but also demonstrates the pickiness of luxury homebuyers.
@/The Market is moderated by @properties executive vice president of corporate communications, Peter Olesker. Enjoy the webcast, and if you have any questions about your specific real estate needs and goals, be sure to contact an agent.