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Shake the doom and gloom, and embrace a better path forward

by Patrick Regan

There’s a layer of uncertainty that seems to be hanging over the Chicagoland real estate market. It’s a vibe I’ve noticed at events in the city and suburbs in recent weeks, even as market data says we should be optimistic about a better year in 2025 than the one we had as an industry in 2024.

You can see some of the positivity in this issue, such as a projected 28% increase in Chicago office-to-apartment conversions this year; an optimistic view of the market as a whole from Dr. Elliot Eisenberg, aka the Bowtie Economist; and National Association of REALTORS® Chief Economist Lawrence Yun’s expectation that rates will dip and home sales will rise in 2025, with demand poised to pick up in Chicago more than in most markets across the country.

That’s the good news. Yet, I’ve heard at various real estate gatherings recently that the feeling about the real estate market today is similar to what we saw during the Great Recession 15 years ago. During one event, a nervous laughter rippled through the crowd when a presenter mentioned the “uncertainty” of what’s to come under a new presidential administration. That uncertainty, especially related to tariffs, may explain the latest builder confidence numbers, which in February hit their lowest point in five months.

I guess if you want to take a negative view, things in this industry could look a bit grim. But I’m reminded of the stories from the agents who persevered through hardships and down times to emerge on the other side and ride the wave of success. They invested in training, doubled down on networking and found ways to do more with less. You can get started down that path by taking a look at this month’s Top Coach column from Jana Bruce, who offers six steps you can take right now to connect with clients.

This issue also offers insights from three lending industry leaders — Andrew Chevalier of Movement Mortgage, Kelly Price at Wintrust Mortgage and Dan Rogers from Rate. Our Association News column is by Valerie Saunders, the chief executive strategist for the National Association of Mortgage Brokers.

I think you’ll find their views of the market to be both realistic and optimistic. I think we’ll all be better off if we take that approach.

As always, thanks for reading.

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