What are you Insights for the Spring market?

[Shannon Mogilinski]

Hello Community--As we roll towards the end of 2024, I would love your insight on the coming Spring market.  Are you gearing up to buy hold or flip or both?  I am hopeful we will see another interest rate drop and have a hot Spring market.  Let me know your thoughts...

[Sean Wagner]

Regarding Chicago, the 2024 property tax re-assessment in Cook County should cause some inventory to hit the market, specifically on the mixed-use and multi-family side of things which will be hit especially hard. Some townships have sent out tax bills already and I am hearing of 25%-50% being the norm, especially on the mixed-use properties or properties with 3-18 or 2-12 classification.

The multi-family market has remained strong, and if rates decrease I think we see more buyers in the market irregardless of property tax increases. Too many people waiting for rates to drop and I think more buyers than sellers still. I think higher values are inevitable but election, fed policy, inflation, etc. will dictate and what pace.