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Market Demand & Inventory

by Chicago Agent

How will market times change?

Janet Owen: I think sellers are coming to terms with correct pricing, which will result in shorter market times. A property that is overpriced will sell for less than it would if it had been priced right to begin with, and it will take a lot longer to sell. Correct pricing means shorter market times.

Mike Golden: It totally depends on inventory. We expect the city to see more inventory next year which will drive market times slightly, but that is a good thing. There isn’t enough inventory to meet demand in a lot of core city neighborhoods right now. Hopefully, we’ll see the opposite in the suburbs. We need to see a surge in demand to absorb some of the excess inventory. We didn’t see that surge in 2015.

Laura Ellis: Although it varies across communities and price points, I expect market times to even out as the overall market continues to normalize. Over the last couple of years, we’ve seen some hyperlocal areas experience both very long and very short market times within the same communities depending on property price points. As consumer confidence and the economy continue to grow, market times will become more consistent across price ranges.

Keith Hancock: Market times on the North Shore have been between 85 and 90 days for the last 24 months.

Rebecca Jensen: With some increased demand, I expect a small reduction in market time throughout 2016.

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: Market times will increase in large part due to increased inventory.

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