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What Will Home Prices Look Like in 2023?

Here’s what you need to know about the future of home prices in Chicago.

Worried about where home prices will go in 2023? Don’t fret; I’ve got you covered. Today I’ll be looking at some trusted experts’ predictions for home prices next year and explaining what they mean for both buyers and sellers. 

You can watch my full explanation in the video above or skip to each topic using the timestamps provided:

0:00 — The price forecast for 2023 

1:03 — Zillow’s forecast for MSAs in 2023

2:20 — Forecasts for 2024, 2025, and 2026

3:02 — The difference between this market and 2008’s

5:03 — Equity provides a cushion for rough economic conditions

5:30 — Local data for Chicago

6:40 — The only people who should be worried are renters

7:00 — Wrapping up today’s topic

If you have questions about this or anything else, please call or email me. I am always willing to help. 

Check out these links for more information!

https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/mortgage-finance-forecast-sep-2022.pdf

https://www.zelmanassociates.com/

https://cdn.nar.realtor/sites/default/files/documents/forecast-q4-2022-us-economic-outlook-09-28-2022.pdf

https://www.freddiemac.com/research/forecast/20220720-quarterly-forecast-market-slowdown-will-continue-high-rates-and-prices-exacerbate

https://www.fanniemae.com/media/44466/display

https://bixel1.net/v1/t/c/c7d1180e-9e6c-6ef3-d3d4-5e3b167c3ad0/gm%3A7d9537c4-5026-4a33-99e6-c461cc77c347/erica%40getvyral.com/?https%3A%2F%2Fpulsenomics.com%2Fsurveys%2F%23home-price-expectations=

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John Lyons

Tired of traveling week-in and week-out for his corporate job, John Lyons decided to start his own real estate business. Lyons could not have predicted how well his background would prepare him for a career in real estate. His journey has been a long and successful one. After graduating from Indiana University in 2001, he took a job selling copiers at Minolta Business Solutions. After building an impressive track record there, he was hired by BrainLAB, Inc. to sell image guides surgical systems. He quickly rose to become one of the top sales representatives for the company. Seven years later, he was hired by Midwest director of sales IMRIS, for their intraoperative MRI and integrated operating room solutions. Now he has a new outlet for his sales abilities: real estate. A Chicago Association of Realtors Top Producer and recipient of Baird and Warner’s Founder’s Club award for the past four years, Lyons had a record 2018, selling more than 11.7 million in real estate. This marked an 18 percent increase over his 2017 numbers. “I was able to accomplish this through daily prospecting and providing a high-level of service for my clients,” he says. In testimonials, his clients say he is patient, trustworthy, personable, knowledgeable, and professional. “Each and every client is so different,” he says. “It’s important to truly understand their needs so you can best serve them. Listening build trust, which is so incredibly important in our business.” A member of the Lakeview Chamber of Commerce, he assist clients in a variety of neighborhoods, including the Near North Side, Lincoln Park, Lake View, Uptown, Ravenswood, Logan Square, West Town, and the Loop. He is quick to admit the best education he has ever received was from his 6 years of service in the United States Marine Corps. Lyons donates $200 per transaction to the Neonatal Intensive Care Unit at Lurie Children’s Hospital. “I am running the Chicago Marathon in 2019 for Lurie Children’s Hospital,” he says. “I have a lofty goal this year, to qualify for the Boston Marathon a second time. Since the beginning of the year, I have been spending at least four hours a week training for the October 13 race.” Results matter, here are John's Listing Numbers: Average list to sell ratio - 98.2% Average days to closing - 52 Listings taken to listings sold - 99%

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