Despite the growing numbers of buyers and sellers in the marketplace, there still seems to be a great deal of economic insecurity. What are your thoughts about the economy in your area, and what advice do you offer agents who are concerned about talking to their client’s about local economics?

Sobin: People inherently want a comfortable place to live and want to own their own home. Economic indicators can put pressure on prices, and they can put pressure on interest rates, but then we just adapt and work in the economic conditions that we have.

Corral: I remind my agents that in real estate, people still need houses, whether the economy is good or bad. It’s simple math. Owning a home is something anyone can do. Look at how much people are paying for rent, and how much the same house would cost if they purchased it. Right now, buying a house has huge benefits. It’s a huge difference between buying and renting right now. Buying makes a lot more sense.

Chicago is one of the best cities in the nation for affordability. There are ways to make a down payment work. You can get your mortgage cheaper than rent, so why would you be renting? It’s a matter of getting people to understand that there’s a lot of opportunity in the market. You have down payment options of 3 or 4 percent. You can pay $1,000 today and in 20 years you have something.

Jernstedt: The economy in our area is more stable than on the coasts. On both coasts, prices move up faster and they come down faster. Our economy – because it’s the Midwest – gradually increases. We don’t get these sharp increases that we see on both coasts.

Buying real estate, no matter what the market is or how the economy is doing, is always a good decision if you buy smart. We do a lot of talking to our agents to help them understand what’s happening in the market and the economy. We have professionals that come in and talk about it.

The city of Chicago is a great, vibrant place to live. The prices are reasonable, compared to being in New York or Los Angeles or San Francisco. In terms of the city market – obviously we’ve taken the dips and we’re on the rise – no matter what condition economy is in or how Illinois is doing, I think there are still enough people who are attracted to the city of Chicago as a wonderful place to live. When you have a great city, you have a great city. C.A.