The responsibility of REALTORS® as economic stewards and the challenges of low inventory were the main points of discussion for the panel. However, each brought their own unique focus and professional expertise to the table.

New Construction: David Wolf, Coldwell Banker Residential Brokerage

New construction needs to take place to fix the low inventory problem, or new sellers need to be encouraged to list their properties. It is important to know that in order to build new, you need to make almost half on the pre-sale. Brokers need to get into the mindset of selling new construction. Currently, there is a 23% price difference between pre-sale and re-sale prices.

 

 

Other Panelist’s Presentations

Jonathan Smoke, Realtor.com

Charles Wurtzebach, Real Estate Center at DePaul University

Deena Zimmerman, SVN Chicago Commercial

Gail Lissner, Appraisal Research Counselors

Economic Development Panel