Chicago Real Estate Market: 2018 real estate forecast

March 26th, 2018 by: relatedchicago

“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”.

Full article from Chicagobusiness.com: 2018 real estate forecast: foggy, lukewarm

Chicago Real Estate Market

Chicago Real Estate Market

Photo by Getty Images/iStockphoto

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

Read the full article:  here

 

 

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