Chicago Real Estate
things to consider before buying or selling
Last week’s Wall Street Journal’s “Heard on the Street” headline “Why Home Prices Have Nowhere to Go But Up” may have guaranteed attention—but at the cost of advancing a pretty iffy notion. Then again, if you have been window shopping (or is it “screen shopping”?) through the Chicago listings anytime recently, the idea could well have seemed less preposterous than usual.
Of course, markets go up, down, and sideways. In residential real estate, any “down” movement has a centuries-long track record of proving to be temporary. But “nowhere to go but up”? Putting aside the common wisdom that nothing is guaranteed in a free market, author Justin Lahart does lay out a reasonable argument for why today’s pattern of home price rises is peculiarly supportive of his theory. The situation sets up like this:
Chicago home prices may not always reflect the Journal’s national trends, but the situation actually does supply some rationality for the proposition that “home prices have nowhere to go” except up—for the moment, at least. In any event, it’s hard to disagree that today the price outlook looks propitious—as well as a good time to give me a call for a chat about how your plans can gel with today’s market!
I am a Chicago Real Estate Broker that loves to show people around the Chicago neighborhoods.