The Market This Week Of 4.24.22

Written By Phil Buoscio

Chicago Weekly Update:

“ sales traffic and sales conditions have fallen to their lowest points since last summer.”

Chicago Association of Realtors’ Weekly update for April 24th is as follows:

“Builder confidence softened for the fourth straight month in April, according to the National Association of Home Builders/Wells Fargo Housing Market Index, as escalating sales prices, higher construction costs, and increasing mortgage rates continue to impact housing affordability. With the average sales price of a new home upwards of $500,000 as of last measure, builders report sales traffic and sales conditions have fallen to their lowest points since last summer.”

Still Historically Low Inventory

Remember there still is Historically Low Inventory. That will not change for a year or more when more Seller’s list but the overall trend of what’s going on is that prices will likely be capped out below last March’s all time high cue to the higher cost to borrow money now.



Phil Buoscio

A future-driven Realtor who's lived in Chicago all his life and understands its neighborhoods, trends, and people. He was part owner of a large Brokerage who downsized to start his own Brokerage in 2006. This allowed him to have pursue a more enjoyable, focused approach with fewer clients and specialize with clients of Income Property, Green Renewable New Construction Development.

A committed Environmental Activist who was the Catalyst for the first LEED Certified USBGC line of Speculative Homes in Chicago +PLUSHOUSE.

To further lead our transition to clean energy he also leads a Solar installation team Brokering Solar on the POWUR platform. Since the first LEED home he sold in 2016 with Solar he has not looked back from pushing for solar and highly efficient homes.

With an extensive background in remodeling as a General Contractor and New Construction Broker(having overseen the design and sales of over 30 developments), he is a great asset to any developer who is considering a project in or around Chicago. He knows the market now, and that each builder must be future-driven to stay ahead of the market.

Phil understands the construction trades, building codes, and zoning laws to help his clients envision possibilities and limitations that impact the value of a property in the long run.

Phil is an income property specialist as well and has represented some of the larger independent landlords in Chicago in acquisitions and sales. He oversees his own highly profitable income portfolio of over 40 units in ten properties.

Phil has personally closed over 200 million in sales personally since 2001 in over 800 transactions and has been the Top Broker in Chicago's Pilsen neighborhood over the last 22 years.

https://myrealtorphil.com
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