We went through a period of time when the reason to buy a house was not to live in it but to resell it. You might live in it temporarily, but the ultimate goal was to resell it as quickly as possible and make a profit. Well, that’s not a sustainable market. That’s not the way residential real estate works. That’s not the way it’s ever worked for any extended period of time.
What we have now, what we’re dealing with is a whole generation of owners, i.e., potential sellers, who knew no market other than that market. They only know the aberration. And we have a generation of real estate agents who only know the aberration. Their only experience is in a market when people bought and sold every few months, or every year or two.
In this final segment from his interview with Joe Zekas, David Hall, the head of Coldwell Banker’s Lincoln Park Plaza office, starts with the observations above and offers some advice to homeowners in today’s market. The long and the short of it? Don’t sell if you don’t have to, and consider renting or waiting it out.
Watch all of Hall’s chat with Joe on the YoChicago YouTube channel.