Chicago market - low investors but prices still up

Real Estate Agent · Chicago & NWI · Member since 2015 · 860 posts · 521 votes

I’m curious - Where do you think the Chicago market is headed? Are priced coming down? Staying stable? More listings coming soon?

1 Reply

36 views

Investor-friendly agents in Chicago, IL

See the agents BiggerPockets members work with in Chicago, IL.

Most Popular Reply

John Warren

Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes

@Eudith Vacio I think prices will go up this season. We are running into more and more multiple offers situations. I also have multiple listings where we either just went under contract, or we have multiple offers on the table. Even tired properties that need some love are getting a lot of offers due to low inventory. Now imagine if rates ever came back down into the high 5's.... the market would take off again.

3 Reply

See this reply in the discussion

6 Replies

Jump to latestLatest

Sort by

Bob Floss II
Attorney · Northbrook, IL · Member since 2017 · 719 posts · 549 votes
3y
It's a "hot pocket" market. It's hot in certain parts and frozen in others. Inventory is horrible so there's not enough action to get a true sense of the market. I've had properties sit with zero activity for months and then suddenly have multiple offers.

Attorney review has been extremely challenging. The buyers are expecting to get concessions from home inspection and the sellers don't want to budge.
2 Reply
Jonathan KlemmBusiness Member
Moderator
Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
3y
@Eudith Vacio - I think you need to add one part to your question.....what length of time are you wondering about?
Inventory will stay low for quite some time and interest rates have become the new "norm" for the time being, which causes less buyers and people wanting to move.
My opinion, which shouldn't hold much weight is that over the next 6-18 months things will continue generally flat, slightly down (in less desirable areas), and slightly up (in desirable areas).
The good thing is that no matter what, good products priced according to the market will always be the quickest to move. I think sellers need to think more about small fixes/upgrades to move to get their properties sold faster.
[email protected]
Quality Builders4.968 Reviews
Website View Page
2 Reply
Eudith VacioPro Member
OP
Real Estate Agent · Chicago & NWI · Member since 2015 · 860 posts · 521 votes
3y
I agree @Jonathan Klemm & @Bob Floss II, over the past month - I have seen multiple offers on homes that are turnkey, beautifully rehabbed AND even the homes that need some work are flying through the market. I have also seen sellers NOT budging with price or wanting to give concessions. It will be an interesting year as we continue to see almost everything inflate even real estate in some areas.

Interested to hear what other real estate agents / buyers are experiencing in the chicago market

2 Reply
John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
3y
@Eudith Vacio I think prices will go up this season. We are running into more and more multiple offers situations. I also have multiple listings where we either just went under contract, or we have multiple offers on the table. Even tired properties that need some love are getting a lot of offers due to low inventory. Now imagine if rates ever came back down into the high 5's.... the market would take off again.
3 Reply
Eudith VacioPro Member
OP
Real Estate Agent · Chicago & NWI · Member since 2015 · 860 posts · 521 votes
3y
@John Warren - this is such a turbulent market that is changing every month, and I wouldn't be surprised if prices continue to climb, especially as inventory stays low.
2 Reply
Bob Floss II
Attorney · Northbrook, IL · Member since 2017 · 719 posts · 549 votes
3y

@Eudith Vacio @John Warren If there was higher inventory, we could see a sizable drop in prices. However, few people are going to walk away from their 3% mortgage unless they need to move for personal reasons, size up, or size down. We still have a good amount of transactions coming through the office, but it's nothing like the last two years.
1 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.