Written By Phil Buoscio

Market Update - Affordability Governs The Market Now

The Federal reserve holds in its hands the lever of power of who can afford a home. In my opinion, they have braked the market by making homes less affordable… but this has also begun to cool the construction industry. It has nocked down permits, building construction starts and land purchases.

These moves should bring down home prices and therefore allow them to release rates again and make it cheaper to borrow.

Homebuyers felt a tinge of relief recently as mortgage rates softened somewhat, with the 30- year fixed-rate mortgage falling from 5.7% to 5.3% the week ending July 7, the biggest one week decline since 2008, according to Freddie Mac. Over the past two weeks mortgage rates have dropped by half a percent, making homebuying about 5% more affordable than last month and saving buyers approximately $10.

Here are updated stats on the CHICAGO market below.

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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