@ The Market: Breaking Down An Eventful Summer in Chicago Real Estate
@ The Market returned with an in-person (and socially distanced) format last month, as @properties’ Co-founders Mike Golden and Thad Wong joined EVP of Corporate Communications Peter Olesker on the roof of Superior House, a brand new luxury condo building in River North.
Golden and Wong revisited a number of storylines from earlier in the year, while also offering their insights on a few emerging trends.
Homebuying activity in the Chicagoland area has surged this summer as buyers react to the lifestyle changes brought about by COVID-19 and rush to take advantage of record low mortgage rates. But buyers have also had to contend with record low inventory, fueling a seller’s market in several areas.
Wong said buyers in these areas need to be prepared to “do battle” for the home they want, noting that a mortgage pre-approval, decisiveness, and a competitive mindset are required to win out in multiple bid situations.
“Buyers who are searching for ‘a deal’ have already lost,” he said.
The duo also went back to a couple of predictions they made in early 2020. Wong’s belief that Lake Forest would see a rebound this year appears to be spot on, with percentage gains in sales activity far outpacing the overall metro area. Golden meanwhile backtracked on his early 2020 prediction that the presidential election would cause a slowdown in the housing market.
“When you asked me in January, I thought the election would be the big story of the year. Now, it’s a distant third and fading,” he humorously noted.
Other topics of conversation included buyers’ avid pursuit of second homes, the surprising level of activity in the uber-luxury segment, and what homebuyers and sellers can and cannot take away from the latest price data.