The Chicago Association of REALTORS®, the “Voice for Real Estate” in Chicago since 1883, represents over 17,000 members from all real estate specialties including commercial sales, development, property management, appraisal, auctions and residential sales.
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.