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Zeke Morris, Chicago Association of Realtors president, on why now is the perfect time to buy real estate in Chicago.
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My next guest says that the Chicago real estate market is better than anybody is -- -- perhaps the horrific storms it -- is president of the Chicago association of realtors and broker for Keller Williams they -- thank you so much for joining us.
Okay see you say this is the best buyer's market you have ever seen.
Yeah -- -- thank you for having me actually I wanted to yes I believe that this is.
Of the best market that we've seen in in probably 45 years.
When you look at as Jeff was just say we have a perfect storm.
You have you are able to give both things one an excellent price for the property and then to.
Outstanding financing rates and and based upon what the Fed is telling those we can expect to see that for the next few years.
You know we hear all the time about a lack of inventories the buyers of that but this system on up properties is that a problem in Chicago.
What what we're seeing -- -- cargo is from a property perspective is is that we were lagging behind much of the nation about 20%.
And so -- move.
We feel like we've moved through some of our quite a bit of our distressed inventory so now we're at a point where we have families that we can go back and talk to you know so my -- My real -- friends are out here and we're able to now go back and say to to families hey let's take another look let's look under the hood and see what what the prices of well will bear.
Well that brings -- my next question you know who's buying we know that out west.
In California.
You seeing any of that in the Chicago area.
Well we yes we are seeing that is the trend.
Where you have investors making a huge investment in Chicago because the prices for.
From that perspective they've they're able to buy and then -- to quality buyers because quality renters because those guys.
Have.
No -- didn't have come.
They didn't have the compassion or compelling arguments to stay within the market so now you have now you be sold lot of people or indoor rentals.
But what I think that what you gonna see is moving forward is is that there are a lot of things have changed.
You know you've gotten the you know.
And we're starting to get.
Sound judgment in terms of where people are I think that people are getting more consumer confidence and as people become more confident about their jobs I think that you'll see a lot of things happening within the Chicago area over the next.
The next year.
And -- -- -- there are just what they get these question we're running out of time but zillow are also says that Chicago be one of the worst markets in the country this year because they believe the prices have yet to bottom out so you can't have recovery until that happens would you disagree.
While -- -- from the perspective -- prices have yet to bottom out.
If you think about what's happening AA if if you look at the middle of the market.
Jeff was talking about -- the condos that were in the 500 thousand dollar range if you look at the product from three to 700000.
We're starting to thin out in terms of -- and -- And so we're gonna start to get more quality inventory and as you get that.
And quality meaning non distress and you'll start to have other buyers coming off -- off the fence so.
I don't -- I don't believe that we're gonna you know we're not gonna have.
You know the gold rush days of yesterday that I believe that will we will have steady.
Steady steady growth excellent the perfect storm for buyers and Chicago's Dick Morris thank you so much for joining us.
Thank you for having me.
