Inventory

Will the issue of low inventory continue to be a factor in 2018?

Broude: Our marketplace is geographically diverse, with product types and pricing for every segment. What we see locally that does match national predictions is that our new construction supply throughout the market is still very low. On Collaborative, our development division, is working with many of the top developers in Chicago to bring product forward to the market downtown, but there are many buyers looking for first-time and move-up new construction in the suburbs that does not exist in many communities.

Lemons-Ryhal: Yes, low inventory will continue to be a factor. However, MLS training can teach agents where to focus their efforts to identify motivated sellers and marketing strategies to get them to list.

What type of housing is there too much/too little of right now?

Jeff Benach, Lexington Homes: I see a growing need for entry-level, single-family homes as more millennials are buying homes. While I’m seeing a few more suburban condo buildings going up — only in close-in suburbs like Oak Park — it’s still a product and market that’s still pretty saturated in the suburbs, and will probably stay so for years to come.

Alan Lev, Belgravia Group: We’re seeing too many apartment buildings, especially in the West Loop, River North and downtown. Our current projects all have units in that $1 million range — not because we want to develop only high-end properties, but because it’s difficult to keep the price point at a certain level when you factor in land prices, entitlements and construction costs.