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It’s The End of the Year As We Know It

by Stephanie Sims

The end of the year is already here. And if the Mayans are right, then this really is the end – of the world – but I guess we’ll have to wait and see if they actually are right, which is to be determined after this magazine hits newsstands…

Let’s say the Mayans were incorrect about the world ending – what will happen next year? Well, we can tell you this – like 2011, 2012 was another year of moderate growth. The numbers in every category, from average units closed per month, to the months needed to absorb inventory, to the average number of price reductions per month, prove it: we’re continuing on a positive path.  We looked at data from the National Association of Realtors, National Association of Home Builders and Mortgage Bankers Association, as well as stories we printed in the past year about industry news and issues, to determine what we think will be the big trends next year in terms of mortgages, appraisals, inventory and new construction. We also asked a panel of experts, including vice presidents of sales and marketing for several developers, top loan officers, appraisal executives and top-producing agents, for their thoughts and predictions, as well. See if you agree with what they said in our cover story.

Back when we were experiencing even slower growth and tiny positive gains, many agents and economists predicted that 2014 would be the year we’d see a full housing recovery, meaning a return to pre-bubble home prices. Now that 2013 is around the corner and 2014 is coming up quick, we asked a few agents and a Chicago economist if they agreed or disagreed with that prediction. What about you? What are your predictions?

More importantly, a new year means a time to make changes for the better, and here at Chicago Agent, we want to know what New Year’s resolutions we should make. We already launched a new website (tell us what you think!). What do you like about our magazine and website? Would you like us to do anything differently next year? Feel free to email me with your thoughts and feedback on this issue, news stories, current events in the industry or your own predictions for next year: stephanie@chicago.staging312.com.

Have a happy 2012, Mayan predictions or not – and here’s to a happy 2013!

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