Will Chicagoland housing demand increase or decrease over the next 12 months?
Janet Owen: I think it will remain the same or decrease slightly. We have experienced a terrific 2015. I have had another record year. There may be a slight slowdown as we face a presidential election, which in past years has resulted in a “wait and see” attitude. However, buyers who have been “sitting on the fence” may decide to buy soon due to predicted rising interest rates.
Mike Golden: It will increase with interest rates starting to rise, moving people off the fence, and employment continuing to make gains.
Laura Ellis: We have seen a measured increase in consumer confidence regarding the housing market over the past few years, and I don’t expect this to change in 2016. Thanks to a healthy job market and the renters boom, Millennials are making the move to homeownership. This, combined with Baby Boomers who want to downsize, will continue to drive demand across our market.
Keith Hancock: On the North Shore the supply-to-demand ratio has stayed steady over the last 24 months, roughly 38 weeks.
Sean Conlon: Demand will increase. The rent vs. own discussion continues to lean towards ownership with rising rental demand and costs. This is slightly offset by Millennials who have proven apprehensive to purchase their first home as early as other generations, but we believe there still is pride in ownership of a residence.
Rebecca Jensen: The cycle in our industry is pointing upwards, so I expect an increased demand for housing over the next twelve months. One thing to keep an eye on is the widely expected raise of interest rates that is supposed to take place at the end of this year. If it happens, that could result in buyers coming into the market for fear of missing out on low rates. It could eventually affect the ability of some to purchase, but not immediately.
Chris Feurer: It will increase – due to Millennials coming of homebuying age, which has moved up to approximately 28 years old.
Jeanine McShea: We expect housing demand to increase over the next 12 months, especially if the lending market opens up a little bit and buyers are able to put 5 or 7 percent down instead of 10 or 20 percent. In many cases, prospective buyers can afford the monthly payments but have a hard time clearing that initial hurdle due to rising rents and student loan payments.
Leslie McDonnell: I think it will decrease, due to local mergers and not as many transferred employees entering the marketplace.