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There has been a lot of discussion about the economy and the real estate market. I found a great deal of insight hearing from three highly respected people in the world of finance and real estate – Warren Buffet, Dr. Lawrence Yun, and Neal Harrah. I was encouraged to hear their calm assessment of a stabilizing market with no decline in home values, and optimism for future housing unit growth as early as 2024.
NAR Chief Economist Lawrence Yun, at the Realtors Legislative Meetings this week
Download PDF of slides from NAR
- Dr. Yun believes that 2023 is when the market “bottoms out” and that in 2024 we will see growth again.
- He cites the lack of existing-home inventory as the reason for stable prices. Sixty percent of listings currently sell within a month and 28 percent are attracting multiple offers.
- Discussing slowing inflation and the most Federal Reserve’s most recent increase, he said “Consumer price inflation has been decelerating and will continue this trend,” he says. “After the awful 9% consumer price inflation in the summer of last year, the latest data shows 5% inflation.”
- “… heavyweight component to inflation, which is rent, will inevitably slow down given the robust, 40-year high in construction of new apartment units.”
Prosperity Home Mortgage Chief Appraiser Neal Harrah
- “Even with cooling appreciation rates, property values are expected to continue to rise in the more typical 4%-5% range which will foster equity building for current purchasers.”
- “Supply growth is projected to be a slow process. However, as of 2021 nearly 42% of all US owner-occupied homes were owned free & clear. 75% being owned by the largest generation of aging baby boomers with less rate sensitivity. Demand should remain strong particularly from delayed purchasing millennials as well as transitioning baby boomers. An improving market will come. Prepare by building partnerships.”
Berkshire Hathaway Chairman Warren Buffet at the Annual Shareholders Meeting
- “We’re interested in owning a wonderful business forever. ... We do learn a lot as we go along. ... We’re learning all the time how consumers behave. We don’t get smarter over time, we ... get a little wiser, though, following it over time.”
Here you will find a wide variety of useful information and resources designed to help you buy or sell a home more effectively in the Chicago areas. From information on the local community, to advice about finding a mortgage or preparing your home to sell, it's all available here on my web site.
You can also search for your ideal home by viewing current listings with detailed descriptions and photos. Or you can get help determining the value of your home by requesting a report that includes the prices of similar homes that recently sold or are currently for sale in the Chicago areas.
So, whether you're buying or selling, feel free to contact me and I will be happy to help you with all your real estate needs.
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