Spring prognosis for the Chicago housing market

The Chicago housing market will likely post stronger sales in the spring, according to a couple of industry experts. Yes, top brokers have a vested interest in talking up the market, but the veterans we surveyed have their fingers on the pulse and are generally frank about the state of the market.

Rubloff Residential Properties president James Kinney notes that some developers are postponing new projects, waiting for buyers to absorb the oversupply of new condos and homes.

Jameson Realty Group president Charles Huzenis says that lenders will back fewer new projects until the market is in better balance.

More buyers are already starting to cruise the market, realizing that although discounts are available here and there, deep and widespread price cuts aren’t on the horizon, both men say.

“Sooner or later, demand pents up,” Huzenis says. “A client will say, ‘I can’t wait any longer [to buy], I’m getting married’ or, ‘my rent’s going up.'”

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