In a wide-ranging discussion that covered everything from rentals to distressed properties to the changing face of move-up buyers, a panel of four Illinois REALTORS® from different areas of the state shared some of the trends and issues they’re seeing in the their markets during the Illinois Housing Leaders Conference in Springfield Monday.
The second annual, which included special guests Gov. Pat Quinn and Illinois Attorney General Lisa Madigan, event kicks off the Illinois Association of REALTORS® annual lobby day, the IAR Capitol Conference, on Tuesday, April 16.
The REALTOR® panel included: Grigory Pekarsky, of Vesta Preferred Realty in Chicago, Cedrick Hunter, of Hunter’s Realty in Oak Park, Rob Schaid, of RE/MAX Plaza in McHenry and Bob Huber, of Coldwell Banker Today in Peru.
Some highlights from their discussion:
- Distressed properties are still a driving force in many markets. REALTOR® Cedric Hunter said about 42 percent of all homes sold in the Chicagoland market are distressed. Those properties need to move through the system before the market can fully recover, he said.
- Cash is still king in many markets. Need to have more financing options available for those not paying cash.
- Housing inventory is decreasing in more markets. In McHenry County, there is about three months available inventory compared to more than eight months of inventory a year ago, said REALTOR® Rob Schaid.
- What’s moving in the market? Homes priced under $150,000.
- A trend Schaid is seeing in move-up buyers is an owner who bought 8-15 years ago, is unwilling to sell at current market value, turns existing home into a rental and then buys a distressed property.
- The USDA Guaranteed Rural Housing program can be a good program for buyers in rural areas. Can also be a good fit for first-time buyers, REALTOR® Bob Huber said.
- Younger consumers may be renting now but REALTOR® Grigory Pekarsky said most that he talks to want to be homeowners some day. For many it’s a matter of financing and having a downpayment.
- Overall, there is a feeling of optimism about the upcoming spring housing market.