“Senior vice president and managing broker of Related Realty, Patrick Ryan – Related Realty, spoke with Crain’s Chicago Business to discuss what he believes the new year will bring for the Chicago real estate market”.
Chicago Real Estate Market
Going into 2018, Chicago-area homebuyers and sellers will be contending with both national and local headwinds that, may make for a tepid real estate market: not so hot, but not ice-cold, either, according to the experts Crain’s consulted.
“Our market isn’t going to be sexy—it never has been,” said Steve Baird, president and CEO of the Chicago-based Baird & Warner real estate firm, “but it isn’t going to be ugly, either. It’s going to be a big, slow lumbering thing.”
On the national card is the massive revamp of the U.S. tax code that will alter the financial benefits of homeownership. More specific to Chicago are a slow-rolling economy, ongoing population losses, and a market that has already been sluggish for a while, particularly in the upper price range.
Here are four things to watch for in Chicago’s real estate market in the new year:
(1) Uncertainty about the impact of tax reform
(2) Slower price growth than 2017
(3) Sellers facing up to realty reality
(4) Buyers playing hardball
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