One of the most common questions I receive deals with timing. Is it the right time to buy? Should I sell now or wait another year? In the end, these are questions that only you can answer. As a Realtor, I can help by giving you the current market facts, and what we are expecting to see – but alas, if I could read the crystal ball, I think I’d be living on an Island somewhere with warm clear water surrounding me!
Particularly in Chicago, homes have begun to fly off the selves as buyers jumped off the sideline and begin purchasing in mid-January, this has not yet slowed down. But will this increase in sales begin to show an increase in sales price and home values? Sure, simple supply and demand tells us that if supply is down, and demand it up, then prices will go up as well – but is supply really down?
It’s interesting to note, that not everyone is on the same page here. Just look at National Association of Realtors (NAR) Chief Economist, Lawrence Yun, “This time next year, there could be a 10% price appreciation.” He said this in June at a Real Estate conference in Denver, CO. Compare that quote to a report from Morgan Stanley during that same week: “We estimate a drop of 5 – 10% more (in real estate prices).”
Who do you listen to? That is the big question, but the answer is simple. You need to collect as much data as possible, and use your Realtor as a source of information.