When Chicago Agent Magazine was looking for some expertise on the future of the local housing market, they turned to Urban Real Estate's Director of Professional Development, Matt Silver, to offer his insight.
With 41 percent of all mortgages in the Chicagoland market going to buyers aged 25 to 34, Millennials are a key demographic for agents.
“Millennials want to be near the hustle and bustle of the city,” Matt Silver, president-elect of the Chicago Association of Realtors® and senior broker at Urban Real Estate told the magazine. “They want to be near public transportation, restaurants and other fun things to do.”
Meanwhile, Baby Boomers will drive the market by selling their houses and downsizing or relocating, but it's not necessarily where the Millennials want to live.
“The Baby Boomers are selling properties in calmer residential areas, where they raised their kids,” Silver said.
The area's affordability will continue to make it attractive to new buyers, Silver argues.
“Chicago is a popular place to be right now,” Silver said. “Real estate agents should tell their clients that if there’s a property they’re interested in, they should snatch it up while they still can. It won’t be on the market for long.”
Read more at Chicago Agent Magazine here.