Current real estate market updates

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summer 2024 real estate market outlook

The housing market is an ever-evolving landscape, influenced by various factors such as economic conditions, demographic shifts, and buyer/seller behaviors. As we look ahead to the summer, we'll analyze what's next for the real estate market, especially with all the new commission changes on the horizon. In this blog, we delve into some of the predictions and insights offered by experts in the field, to gain a glimpse into the possible trajectory of the housing market in the coming months.

1. high demand, low inventory.

Demand for homes has continued to increase; however, high mortgage rates and lower inventory have caused existing-home sales to decline. Experts predict that sales may increase slightly,…

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What The NAR Settlement Means For Buyers And Sellers

The recent National Association of Realtors® (NAR) settlement will update the long-time practice of sellers paying commissions towards agents who introduce a buyer to a property. In short starting mid-July, Realtor® members who are listing property will no longer be able to share compensation offers to buyer's agents through the MLS. Instead, buyers and their agents will be required to have their own upfront written agreements specifying the fee for these real estate services. Though the changes are still under construction, they will most likely shift some of the ways buyers and sellers approach real estate transactions.

what this means for sellers

Up until now, Sellers who listed their…

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2024 housing market outlook

As we step into the new year, the real estate market continues to evolve, presenting both challenges and opportunities. Below are key factors shaping the 2024 housing market and what they mean for those looking to buy or sell their homes.

1. low inventory levels.

Looking forward, demand will most likely continue to exceed supply. Illinois specifically has a slow growth in the number of homes being built compared to the rest of the country. Predictions of slight mortgage rate declines would help bring more home sellers into the market and increase the amount of inventory, however, it is unlikely that we'll see a drastic change from the status quo. 

2. mortgage rates could decrease.

While mortgage rates have…

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where is the market moving?

With high interest rates, low inventory, and competition in the market not letting up, what should buyers and sellers really be doing now? Here's our analysis for approaching the market with what's best for you.

the unpredictability of interest rates

Even though we see extensive forecasting and analysis on interest rates from experts, nobody truly knows what lies ahead. Time and again, predictions have been made, and the outcomes have not matched expectations. Recently, economic strategists have mentioned the possibility of an intentional pushing of rates to generate a controlled recession. This strategy aims to prevent inflation from spiraling out of control. While this would mean rate could remain higher for the…

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A look at the summer real estate market

The housing market is a dynamic and ever-evolving landscape, influenced by various factors such as economic conditions, demographic shifts, and buyer/seller behaviors. As we look ahead to the summer, it's natural to wonder what lies in store for the real estate industry. In this blog, we delve into some of the predictions and insights offered by experts in the field, to gain a glimpse into the possible trajectory of the housing market in the coming months.

1. continued demand and tight inventory.

One key trend anticipated in the housing market is the continuation of buyer demand, even if it's lower than the previous year. The supply of available homes is expected to remain tight, which still creates…

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a hopeful perspective on the 2023 market

It's a new season in the real estate market, and we're ready to talk about it in a positive way. Below are reasons why you should have a hopeful perspective for this 2023 market.

1. annual home values are stable.

There is still high demand from buyers, and inventory is low —meaning that prices are not predicted to plummet anytime soon. For sellers, this means your equity is predicted to remain stable so far.

2. the market is normalizing.

Just because we aren't seeing a boom like in 2020, that doesn't mean the market is crashing. Instead, things are going back to normal. Let's face it — as much as the artificially lowered interest rates made mortgages more appealing and equity high for sellers,…

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wintery Chicago skyline in the backgroud / ar

2022 housing market outlook

2021 was another extremely strong year in real estate. We saw one biggest booms in sales volume and prices in the last decade just keep getting stronger and stronger.

So what will 2022 hold? Are we headed for a crash, or will this keep going? Here's what experts are predicting.

prices

Despite the price bubble being the highest we've seen in over 10 years, most economist are predicting continued (albeit slower) increases that head towards stability. National Association or REALTORS chief economist Lawrence Yun says prices will rise another 5.7% above 2021’s already high numbers, with inflation alone accounting for a 4% increase. The rising prices will make housing affordability a continued issue, despite already…

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It's no surprise that the year-long shift to staying at home has changed the things that homeowners value in their houses. What today's buyers are looking to upgrade as they shop for a new home has really changed because of this, and has changed which homes get swept up sooner when they hit the market. So if you're looking to put some new life into your home, see below for today's top investments (which you won't regret whether you sell or stay!).

#1: Outdoor Spaces

Outdoor spaces has been one of the biggest motivators for post-pandemic homebuyers. According to a recent survey by HomeLight, a referral service which surveyed over a thousand of agents across the nation, by far the number one desired upgrade were fire pits. Next came…

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Why Millennials Will Take Over the 2021 Market

Experts are saying that Millennials could account for at least 15 million home sales over the next 10 years. 

Millennials – the bulk of which are turning 30 this year – are the largest and most educated generational group in history. There are about 72 million in the population as of 2019, and most are beginning to enter their prime home-buying years. 

A few things are making this even more possible despite rising prices. One is historically low mortgage rates. The main one, however, is a dramatic increase in personal savings, which reached to an all-time high at the April peak of the pandemic lockdowns and remain above the historical average as recreations spending opportunities are limited. For…

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These are the 3 Hottest Home Trends for 2021 According to Experts

bedroom decorated with bookshelves and art with bed lamps and plants
Jewel-toned colors are expected to be on trend.

Designers and Real Estate experts are weighing in on what will be in, and what buyers are bored of seeing, as we move in to 2021. Hint: it's going to be a lot different.

1. Color Trends

For a long time now, we've seen home colors shift from neutral beige to neutral grays, with white-and-gold combos making their way into the mix. Things are about to change in 2021: get ready for bolder colors.
Professional interior designers spoke to 1stDibs, a design marketplace, and announced that jewel tones and warm earth tones will be the hottest color trends of 2021, with an emphasis on cozier hues. This includes a special emphasis on…

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