To Buy Or Not To Buy? Looking Toward Chicago’s Housing Market in 2023

📆 2022/12/29 4:45:00

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Interest rates have more than doubled this past year landing a blow on a historic pandemic-era housing boom. Some experts are saying the chill could become an all-out freeze by next year if the interest hikes continue.

📆 2022/12/29 4:45:00
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for Crain’s Chicago Business. “They’ve come down a little bit. The Federal Reserve is saying that maybe it’s been a little too much, so if interest rates continue to go up as steeply as they were, then we’ll probably see quite a deeper freeze on the housing market. If they pull back on that, maybe we get some breathing room.”

Fast sales of houses on the market listed for two weeks or less have also virtually disappeared, currently sitting under 10%, after hitting a high in 2021,“It really means that if your neighbors were selling their house last year and it went off the market in less than two weeks, you should not expect the same,” Rodkin said. “Things have slowed down so much. Sellers in particular need to be aware that most homes are sitting on the market far longer than they were.

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