According to Lawrence Yun, chief economist for the National Association of Realtors, Chicago is already benefiting.
Dear Chicago suburban homeowners, there’s hope in your future. Chicago is leading the way in economic indicators for 2018. If you’ve been considering selling your home, but have been waiting for the “right time”, pick up the phone and call Nancy Miller at Coldwell Banker Residential Brokerage in La Grange. It’s time to reap the rewards of your patience.
Yes, Nancy Miller is a member of the National Association of Realtors. A designation she’s earned and wears proudly. What you may not know is that NAR (the National Association of Realtors) has a collection of economists, market watchers, and overall gurus that give Nancy the inside scoop. If you want to be in the know, you want to know Nancy.
Turning to an article in Crain’s Chicago Business from this past fall, you’ll see some of the inside scoop spilled in a prediction. Chicago is on its way! Chief Economist, Lawrence Yun, is letting Realtors—and the public alike—aware of the forecasted “10 percent increase in volume in 2018, based on growth in both the number of homes sold and prices of those homes, in his address to the Main Street Organization of Realtors.” This organization, also known as MORe to local Realtors, is the board of local agents, and affiliate of one of the largest Multiple Listing Services (MLS’s) in the country—Midwest Real Estate Data, LLC. To tell a group that that has over 40,000 members this sort of information is no small thing. So when Nancy Miller brings attention to it, you know this is big news.
Housing Shortage Means Seller’s Market
While Nancy Miller always turns to her 20+ years of experience in helping clients buy and sell their homes, it’s become difficult to overlook the klout of real estate search engine Zillow.com. According to NBC Chicago, Zillow’s own Chief Economist Dr. Svenja Gudellthe predicts “homeowners will likely be renovating their homes rather than buying new ones next year as the nationwide “inventory shortage” continues.” At first blush this might make you think that selling is the last thing to consider. In this case, the opposite is actually true. To boil it all down, an inventory shortage means that there’s less homes on the market. Buyers still want to buy, which puts you–the current homeowner—in the driver seat when it comes to your list price. No, this doesn’t mean you can double your price, however, it does mean that we will likely see an increase in home values. According to Zillow.com: “The company predicts home prices will grow 4.1 percent next year, citing more than 100 housing experts and economists surveyed.”
It’s time to get moving—Start Packing!
According to Matt Difanis, President of the Illinois Association of Realtors, “tight supply from 2017 will continue in 2018”. What does this mean? If you have been holding on, you can expect 2018 to go much along the lines of 2017. Difanis’ prediction continues:
“We’ve been on a fairly steady trajectory…tax reform proposals have become much, much less aversive to our industry than they looked like they might be originally. But I think it’s safe to say that tax reform, if it passes, is not going to be anywhere near as negative for Illinois as it could have been.”
Nancy Miller encourages you to take heart, and start getting ready to make your move. With the real estate market as a whole expected to continue on our current path or even to improve for home sellers—according to economists—now is the time to begin planning for your future.
To begin taking steps toward the next chapter of your real estate life, contact Nancy Miller at Coldwell Banker Residential Brokerage in La Grange, IL. Put her in-depth knowledge of the Chicago real estate market to work for you. Even if you’re not looking to move, but would like to discuss where things are headed, contact Nancy today.