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What You Need To Know About Interest Rates

What you need to know about interest rates and the future of our market.

By now, you’ve probably heard that our real estate market is changing, but why? Most experts agree that the main culprit is our rising interest rates. If you know where interest rates are heading, you likely know where our market is heading. That’s why I want to take a look at how rates have impacted our market so far and how they might impact it going forward. 

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

0:00 — Introduction

0:24 — How rates have changed so far this year

2:04 — While rates are expected to rise, they won’t increase quickly

2:24 — Is a recession around the corner?

2:50 — Recessions usually aren’t bad for real estate

3:25 — Interest rates typically fall during recessions

3:52 — What experts are saying about home prices

5:18 — If home prices fall, they will recover quickly

5:35 — What’s happening in Chicago’s market?

6:10 — Wrapping up

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

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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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