Related: Chicago’s Top Real Estate Agents and Chicago’s Top Real Estate Teams
Carrie McCormick
@properties Christie’s
What are buyers looking for these days?
We’ve seen a flight to quality. People are tending to go toward new construction or something that was done with high-quality finishes. Anything that needs updating, that’s more than 20 years old, that’s the stuff that has been more stagnant, because people don’t have the vision or time for updates.
Where has the market been surging?
In the downtown market — Streeterville and River North — there was a post-pandemic dip, and pricing got to a point where it made sense to buy. I’ve been setting records in River North.
Photograph: Nathanael Filbert
Dawn McKenna
Coldwell Banker
Where is the market tightest?
The North Shore and western suburbs. Most of those sellers have unbelievable mortgage rates, and they’re cautious about getting rid of that. If something’s priced well and looks great, they’re getting multiple offers.
Photograph: courtesy of Dawn McKenna Group
Layching Quek
Redfin
What should buyers know about this market?
You really have to have the stomach for it. Contingencies are being waived, inspections are being waived. It’s not just about the price. You have to understand the risk and be ready to pony up.
What should buyers consider before making an offer?
For people who are putting only 5 or 10 percent in for a down payment, you don’t have any leverage when it comes to the appraisal. If you waive the contingency and it comes in under, you might not be able to get the loan.
Where are you seeing the biggest price hikes?
In small units. Nobody is building $150,000 units, so they’re becoming even scarcer.
Photograph: courtesy of Layching Quek
Eugene Fu
@properties Christie’s
What’s your best advice for buyers?
You date the rate but marry the price. You can always refinance, but the price you pay is the price you pay. It’s better to capitalize on a price reduction.
Do you think demand will abate anytime soon?
The millennial generation isn’t shrinking, and there’s still another half of this generation that has yet to come of age to buy.
Photograph: Sonya Martin
Millie Rosenbloom
Baird & Warner
What are the most important things for buyers to look at?
The guts: location, light, floor plan, and finishes. Anything else can be fixed.
Photograph: Dan Machnik
Dave Chung
Compass
How can buyers gain an edge in this market?
The best comps for the house that you’re bidding on are the ones that you lost previously, because you have really tremendous insight over the state of the market.
What have you seen buyers do to stand out?
When you’re selling a house, often you have to go to a hotel for the weekend so the house can stay pristine for showings. We had a seller who received an offer that included reimbursement for their hotel stay. That was a nice little cherry on top, an empathetic gesture.
Photograph: Alina Tsvor
Susan Maman
@properties Christie’s
What’s your best advice for sellers?
Renting isn’t a bad thing. Take advantage of the marketplace to sell your home and be open to the possibility of renting in the short term. It gives you a chance to breathe: It’s not always easy to make that smooth transition between selling and moving to another home.
What trends are you seeing with offers?
Some of the younger people from the city who are moving from condos into these big, beautiful homes need to fill them up. They’re offering to buy the furniture from the seller too!
Photograph: courtesy of Susan Maman
Natalie Weber
Keller Williams
What’s your best advice for sellers?
Just because it’s a sellers’ market doesn’t mean you don’t have to prep your home. We’re still seeing long market times on properties that aren’t well maintained. First impressions really do make a difference.
How can buyers gain an edge in this market?
Be prepared to move quickly. Make sure your loan officer knows that you’re actively searching and may need an updated preapproval.
What suburbs are booming?
Downers Grove has really exploded in the last couple of years because of the prices there in relation to some of the neighboring suburbs. And the property taxes are lower. We’re now seeing prices inching up because of that desirability.
Photograph: courtesy of Natalie Weber