Chicago’s Economic Forecast: Homes Sales Are Still Happening

Lakeview : 1302 W Fletcher, Unit 2

On Thursday, January 28, 2010 the Chicago Association of Realtors® held their annual event about what predictions for  this upcoming year. What I walked away with is what I already knew: People are still going to buy and sell homes.

Panelists Geoffrey Hewings, Joseph Cosenza, Gail Lissner and Michael Hart all read from their Powerpoint presentations their different numbers. Some were good, some were bad and some where just ugly. Jagged lines of ups and downs and spikes and peaks.

Home affordability is at 2003 levels. The flood of short sales and foreclosures coming into the market will impact pricing until distressed properties are absorbed which should probably go into 2011. Relocation business will continue to decline as a result of greater job losses in Illinois.  With all this being said there were still numbers showing homes sold on all their graphs and charts.

There are stabilizing factors or positive news. No new construction buildings should be coming online. People are saving money so there are buyers are better quality which is required under the current lending environment but cash is king for the real deals.

For me the great news is homes are still being bought and sold so I still have a job. I continue to do what I always do, work harder and smarter.  Keep educating myself and move forward each day. Isn’t this what a professional does?