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Which issues will most affect the real estate industry in 2007?

by Chicago Agent

Amy Bendigkeit
Realtor
Koenig & Strey GMAC Real Estate
Glen Ellyn

Get real: The market has changed
dramatically, so it’s important to
adjust your sellers’ sights by telling
the truth about the current market
conditions. Re-educate yourself and
adjust your marketing. Knowing the
market will attract success. Get real
without being “Chicken Little.” It’s
enough that the media is the real
estate market’s worst enemy!

Ivana Majic
Realtor
Coldwell Banker Residential Real Estate
Evanston

I believe the large number of inventory
will affect the market the most,
especially considering how the majority
of buyers are searching for the biggest
bang for their buck. Plus, while
many developers are giving more and
more for incentives, homeowners are
having to pay for more of the closing
expenses or are giving out “allowances”
to the buyers, so this will be
something else to keep an eye on.

Katie Fote
Consultant
@properties
Chicago

I feel that the continued improvement
in the economy and job market
will be driving factors. The need for
sellers to adjust their expectation in
appreciation rates will also help keep
the market stable. Those people who
have had properties on the market
for the last four to six months when
we started to experience the slow
down are finally becoming a little
more realistic.

Ruby Ramsey
Broker/Owner
Ramsey & Associates
Chicago

I feel the issue that will most affect
my market area in 2007 will be the
continuous rise in property values. My
service area is comprised of low- to
middle-income buyers. Their incomes
only allow them to qualify up to a
certain level. Once the home price
exceeds the required ratio allowance
for acquiring property, owning a
home may no longer be a reality for
these consumers, which will decrease
my income.

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