Robert Darrow, @properties

Your Guide participates in the Credit Suisse Monthly Survey of Real Estate Agents which surveys a few thousand real estate agents across the US to gauge trends in new and existing home markets.  Agents comment on whether buyer traffic meets, exceeds or falls short of expectations each month.

Some highlights of the November Survey for Chicago

Modest decline in traffic in November; greater challenge is the lack of
urgency among buyers.

Traffic declines in November, falling below expectations. Our buyer traffic index fell to its lowest reading since July, coming in at 34 in November from 36 in October, indicating traffic levels below agents’ expectations over the past 30 days. Agents pointed to “employment issues” and a pullback from first-time buyers in our November Survey.  Agents mentioned that traffic was weak because people were “unsure” about their future job security, becoming discouraged from entering the market. We also saw a continuation
of the decline in first-time buyer demand we observed toward the end of our October Survey, despite the extension of the credit. One agent noted that, “First-time buyers have really slowed down on purchases,” while another said, “The extension of the credit has taken the urgency out of the market.” In addition, some agents said that, “Property is overpriced” despite agent commentary that buyers, “Still think the market has not bottomed out.”

Your Guide’s recent sales have been split equally between health care professionals and technology providers.  Health care seems to be one industry that is relatively healthy despite the woes in the job market in Chicago.  Tech executives face a bit more uncertainty, but execs with secure jobs certainly made moves in the fall, taking advantage of the Home Buyer Credits.

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