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Michael Cuev…, Real Estate Pro in Chicago, IL

Do you feel the Chicago real estate market on fire?

Asked by Michael Cuevas, Chicago, IL Tue Feb 19, 2013

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Manuel Brown’s answer

I attended the Chicago Association of Realtors 2013 Economic outlook this year. Is Chicago’s market on fire? That is not an easy answer. Some neighborhoods in Chicago have rebounded while other have not and have yet to recognize properties values with a positive property index.

Neighborhoods like North Center, Lakeview, Lincoln park to name a few values have are in a positive light and values should continue to go up in a realistic way. So is now a good time to buy? Yes. Team up with a broker that understands the neighborhood(s) you may be looking to buy. Now is time to ride the wave up while taking advantage of today’s record low interest rates.
1 vote Thank Flag Link Tue Feb 19, 2013
Typically fall and spring are the 2 biggest selling seasons. Because of the uncertainty of the Presidential election and economy last fall we saw a unseasonably low amount of supply. The hope is that sellers that were reluctant to list last fall will decide to this spring now that the uncertainty is gone.
0 votes Thank Flag Link Wed Feb 20, 2013
Supply and demand. Buying is big right now. It's a good sign. Lets hope it continues, however, I think we will be at a low for inventory for the whole year.
0 votes Thank Flag Link Tue Feb 19, 2013
Too many buyers, not enough supply. This amount of demand is making the "shadow inventory" that they talk about a lot less frightening.
0 votes Thank Flag Link Tue Feb 19, 2013
bidding war on every property i've enter.
0 votes Thank Flag Link Tue Feb 19, 2013
Manuel- great post, hit it right on the head.
0 votes Thank Flag Link Tue Feb 19, 2013
David thank you that was very kind of you.
Flag Wed Feb 20, 2013
I'm sure feeling it. Can't even get in to see some properties before they are under contract.
Web Reference:
0 votes Thank Flag Link Tue Feb 19, 2013
oh i feel it. Pounding the pavement every day and every hour with my buyers to beat the competition bro
0 votes Thank Flag Link Tue Feb 19, 2013
Yes, certain property types/neighborhoods/price points are very fast moving. Strange how quickly it changed after all those brutal years.
0 votes Thank Flag Link Tue Feb 19, 2013
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