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What’s Happening in Chicago’s Housing Market?

Here’s what you need to know about Chicago’s housing market.

What’s happening in the Chicago real estate market, and what does it mean for buyers and sellers? Depending on where you get your news, you might think our market is on the verge of a crash. Today I’ll share the latest numbers so that you can make an informed real estate decision.

As I’m sure you’re aware, there’s a lot of uncertainty in the market right now. That being said, prices are up, and it’s all due to our low inventory. The number of homes listed in Chicago is nearly at an all-time low, which is keeping prices high despite rising interest rates. 

For prices to fall, inventory would need to rise. However, it doesn’t look like supply will increase anytime soon. Higher interest rates have slowed our market down, so fewer sellers are listing their homes. 

“Now could be the perfect time to list your home.”

You may have heard some news about price reductions in our area, but this is only happening to sellers who overpriced their properties. If you work with a great real estate agent who knows how to market your home, you can still get a fantastic deal in this market. In fact, you’ll have less competition now than you would have before. Meanwhile, rents are increasing. Buyers won’t have a place to hide, so now could be the perfect time to list your home. 

If you have questions about today’s 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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