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.
How are we going to get by without mortgage rates below 4%? We’re going to miss them. It was a heck of a lot easier, especially this last year, to sell homes with rates this low. We’ll look back and wax poetic about the “Summer of Love.” That era is over. Rates are going to be higher in the months and years ahead.
Chase You Down by Runaground
Right now, the most important message to prospective buyers and sellers is to get in this game early. When you think about it, our data suggests that 85% of people looking to sell their home are also looking to buy. If inventory is really going to be challenging in the spring and summer, that tells me the early bird is going to get the worm.
She Sets the City on Fire by Gavin DeGraw
Under 35-year-olds set the city on fire. The message to Chicago is that if you really want this market to outperform my forecast, those are the people you need to be focusing on. Over half the people on realtor.com looking to buy are first-time buyers. They’re out there. They’re dreaming about it.