As my first foray into this new unchartered realm, I will attempt to offer a fresh perspctive on an oft heard refrain: “this is the worst market I have ever seen”. I must object.
1976: The real estate market was competitive. Jimmy Carter was president and rising interest rates lead to a full blown recession in the 80’s. This is the year I began selling real estate! My first year in real estate I excelled even though interest rates were averaging 9.00 %. Buyers still bought and sellers sold. The sky did not fall!
In the 4th quarter of 1979 I formed, with 4 other inspiring and maverick spirits, Beliard, Gordon and Partnersin the Old Town neighborhood of Chicago. At a time in our nation’s history when 5 women were not allowed to sign the lease to the storefront where we opened our flagship office, we prevailed and these 5 feminist pioneers turned Beliard into one of the most successful real estate companies in Chicago! Again, the year: 1980. Interest rates: 12.00%.
I have sold through 32 years of up markets and down turns. I have sold when interest rates were 19.00% and when rates were 5.00%. This market is not the end of the world. Chicken Little is not running down the street screaming “the sky is falling”! Financial institutions are checking credit and requiring a larger down payment it is true. The fact remains that home ownership is still one of the best investments one can make. It is the only commodity in which you gain direct benefits from investing from day one: a roof over your head. Consult a veteran of the real estate industry and you will benefit from experience a novice cannot know. The veteran Realtor will advise that this market is challenging but not insurmountable. In fact; this is a buyer market! Take advantage of it!
My favorite Chicago “thing” of the day is: Wrigley Field! A true Chicago landmark known world wide that will outlast any name change. May the ivy covered outfield wall serve as a beacon for generations visiting the “Friendly Confines”.
Until next week,