I see silver lining in 2024…But for now :Existing-Home Sales Slumped 5.9% in October. … Sales have also dropped 28.4% year over year.

Written By Phil Buoscio

Existing-Home Sales are down over 5.8% in October. … home sales dropped for 9 months in a row , falling 5.9% in October to a seasonally adjusted annual rate of of over 4,300,000 - says the National Association of Realtors. Sales have also dropped 28.4% year over year.

So what’s that mean for 2023 as we look to spring ?

Sellers: I don’t see appreciation in Chicago in 2023. If your ready to sell its important to plan now and to be realistic now.

I see longer market times and a need to prepare your house for market by staging your property to be as marketable as possible. I also see that pricing right, and pricing just below the competition for Spring will be critical. I see a need to get on the market in early February and to be the first in line for the Spring buyers.

I can help you with all of this … just reach out .

Predictions on the economy.

Fannie Mae’s brain-trust predicts a pickup in 2024 in the economy and due to this planned “quick dip” recession in 2023 I predict another small drop in housing prices in 2023 with a 2024 level off. This means it is a good time to sell.

Fannie Mae says real economic GDP growth in 2024 will be 2% year over year, and that will reflect the start of a recovery following an anticipated 2023 contraction just over 0.5%. This forecast of the economy of a tip into a modest recession in the first quarter of 2023 remains unchanged.

Expect home prices to follow from a “bottom out” in late 2023.

Call me now to get Priced and prepped and staged for Spring.

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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