The 3 Factors Affecting Chicago Real Estate Sales This Year

Local Chicago real estate agents are forecasting an iffy kind of housing market this year. There seems to be a lot of uncertainly swirling about. ”Caution” seems to be the buzzword here.

So, what’s driving this uncertainly?

First off, there’ll be a new mayor elected in the spring to succeed Rahm Emanuel. “People will be wondering what happens next with the city's pension debt," says John Irwin, a Baird & Warner agent based in Lincoln Park. "Will the next mayor try to balance the city's financial instability on the backs of homeowners" by jacking up taxes?”

Another factor depressing home sales is that prospective homebuyers want what are called “Instagram-worthy” homes, homes that need to be flawless. These buyers are not looking for fixer-uppers and they do not buy impulsively.

Other influencers include overall uncertainly in the economy, the wobbly stock market and the inevitable rise in mortgage interest rates.

Read on HERE:

Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at harold.willig@springviewinvestments.com or 917-209-4452.

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience.