The Domos Report Vol. 2

THE DOMOS REPORT

The Domos Report |Second Edition | 12/2023

GREETINGS FROM SUZANNE!

This holiday season, I am incredibly grateful to all my clients who have trusted me with their real estate needs year after year. I was astonished by the support and leads following the first edition of The Domos Report, and I am so excited to continue sharing new updates and real estate news with you all.

As you learned in the first edition of The Domos Report, Suzanne Gignilliat Inc. has the resources and talent to help buyers and sellers throughout Chicago and its surrounding suburbs make their dreams a reality. But did you know we also have the resources to help buyers and sellers nationally and internationally? Through @properties Christie’s International Real Estate, the world’s preeminent luxury real estate brand, my clients can enjoy unique benefits that give them an edge in the marketplace.

Christie’s International Real Estate

With markets throughout the country, across six continents and fluency in nineteen languages, @properties Christie’s International Real Estate is a global luxury real estate network often considered the most innovative company in the nation. Acquired by @properties in 2021, Christie’s International is a brand unlike any other, showcasing homes to the largest audience of homebuyers around the world.

Exposure through an expansive network of top-producing agents, like myself, as well as an endless array of print and digital marketing materials and membership in global networks, like Christie’s International Real Estate and Luxury Portfolio International, ensures your property is shared with the largest possible audience, even before it is officially listed. We leverage connections to the iconic auction house.

When I recommend you to a @properties Christie’s International Real Estate agent, they will guide buyers and sellers through all their real estate needs, ensuring that every transaction is efficient and seamless.

As part of @properties Christie’s International Real Estate, I can assist clients with luxury sales and purchases locally and internationally, whether looking for the perfect home in Paris or selling a house with an art collection in Palm Beach.

Anytime you hear someone say,

“I need a good luxury real estate agent”, remember I can handle the job, no matter where it might be!

Market Watch:

There is no doubt that interest rate hikes have slowed the housing market, a trend we see nationally. Home unit sales are off by as much as 40% in some areas.

Chicago has suffered a bit less than many other major cities. During the summer, we were the most robust real estate market in the US and were still the 4th strongest by the third quarter. YES!

With unit sales down and interest rates at a 20-year high, prices are defying gravity and have held. Nationally, prices were up 40% since the pandemic, and they have been steady since. This is due to the incredible dearth of inventories in the market.

Several factors are driving the inventory situation. Chicago was slower to recover from the recession of 2008-2009 and thus had fewer housing starts, so there is a supply issue. Notably and predictably, the housing market is frozen in place. Most buyers who bought recently can't afford to move. Two-thirds of mortgage holders in the US have an interest rate below 4%. Housing prices are high, AND with 7.5% fixed rates, the cost to move/upgrade/downsize is exorbitant. Everyone is staying put until either the rates drop or prices do. We have a stasis in the market that we haven't seen in a long time.

When will the thaw begin? It's hard to say. The Fed says they will start cutting interest rates next year, three times. If rates drop even slightly, we will see movement. Time will also put pressure on sellers: there is only so long a family of four can live in a two-bedroom condo, an empty nester couple can wander a 7000 square foot home or a transferee can rent.

Given the current environment, we predict a stronger first half of the year. Here is one of the most salient and interesting articles about the state of the market (click below).

Article Link

Listing Spotlight: