David Pacheco, Real Estate Agent, Exp Realty

07/15/2022

Remarkably well maintained and updated ALL BRICK 2 flat i...

06/24/2022

COME! See this GREAT Norridge - 2 Story Colonial/-family ...

06/24/2022

06/14/2022

The Great Recession misled millennials: It made them think high home prices will eventually come down.

History often repeats itself —

But when it comes to the current housing market, don't hold your breath.

If you were a homebuyer in the mid-2000s, today's hot market might look eerily familiar. Like many of your fellow Americans, you might be wondering when this housing cycle will come to a close and bring prices back down to earth.

It won't be that simple this time around.

That's because the US housing market is in uncharted waters and it's throwing homebuyers for a loop.

A typical real-estate cycle occurs in four phases: expansion, hyper supply, recession and recovery. This is the pattern that gave rise to the housing bubble of the mid-aughts, a time when a combination of cheap debt, predatory mortgage lending, and complex financial engineering led to a foreclosure crisis as well as a credit crisis among investors — and by 2008, a global recession.

During the Great Recession, US home prices — which had soared during the housing bubble of 2006 and 2007 — tanked 33%. This created a chance for many Americans to afford a home if they had managed to escape the crash financially unscathed.

As some of the factors that contributed to the housing crash of 2008 reemerge, many Americans, especially millennials — the largest homebuying cohort of the 2020s who witnessed their parents navigate the rocky real-estate landscape of the 2000s — are expecting a similar outcome. However, the current housing market is a vastly different beast. Although the US is bracing for a possible recession in 2023, home prices won't be crashing anytime soon.

The nation's real-estate market is in disarray. Home prices and rents have soared to new highs as potential buyers scramble for America's limited amount of housing inventory. All the while, affordability has plummeted for millions of households as the reality of achieving the American Dream becomes increasingly bleak.

Instead of a hard crash this time around, the real-estate market is bracing for a softer landing — and that means home prices won't fall like they did in 2008.

In 2022, housing volatility isn't attributed to lax lending standards but instead an imbalance of housing inventory and demand that has driven affordability to new lows.

Demand still exceeds the supply of available homes for sale, the economy is creating jobs, and lending standards are strict. Those factors work to keep home prices from declining.

According to Freddie Mac — the US housing market currently needs more than 3 million homes to meet the demand of would-be homebuyers.
The dearth of housing supply has helped to drive the national median listing price to an all-time high of $425,000.

While buyer demand has somewhat cooled due to mortgage-rate hikes spurred on by the Federal Reserve's attempts to cool inflation, home prices are still climbing in neighborhoods across the country.

Normally, higher mortgage rates cause home prices to cool But don't expect home prices to drop in 2022. We will see slower home-price appreciation, but not a price drop.

According to NAR, despite mortgage rates rising above 5%, home prices still rose 15% in April. Over the last year, the organization says rapid home-price increases and mortgage-rate growth have plummeted housing affordability by 29% — representing the steepest annual decline on record.

NAR expects home prices to rise 5% by the year's end. For many millennial buyers, this could put a pin in their homeownership dreams.

If you're a first time home buyer looking for creative ways to cope with the current housing market be sure to leave a message in the comments.

05/23/2022

2 bed 1 bath available for rent

5654 West Higgins Avenue, Chicago, IL 60630 | Modern Realty Studio, virtual tour.

05/21/2022

Gorgeous turnkey TownHouse ready for you to move right in...

05/06/2022

Beautifully maintained 5-bedroom home with newer ROOF, new kitchen cabinets, new front door, and updated lower-level bathroom, refinished hardwood floors, nothing to do but move right in!

Beautifully maintained 5-bedroom home with newer ROOF, ne...

04/26/2022

Congratulations to our first time home buyers on the purchase of their home!

It was quite the journey as we faced many obstacles and some tough negotiating at the end but through everyone's collective persistence we managed to get it done for the Segura family!

Shout-out to everyone involved! Team work makes the dream work!
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DavidFindsRealEstate.Com

04/19/2022

This rarely available 3 bedroom 2 bath condo with 2 car garage is one of the largest units One Park Place has to offer. Gorgeous Wide Open Floor Plan, Large kitchen with tons of beautiful granite countertops, stainless steel appliances, & a breakfast bar that goes on forever. There's a master suite that you'll never want to leave featuring a massive custom walk-in closet, a whirlpool bath bath with a separate shower, & double vanity! The 2nd and 3rd bedrooms are AMAZING sizes. 2nd full bathroom with extra wide shower space and the cherry on top is the full-size laundry room with a full-size washer & dryer and custom cabinetry. The double 5' x 26' Balcony, heated garage parking spaces & Large Storage space complete this luxury package! Super convenient location! Close access to all Highways, O'Hare, 1 block to Metra, 5 mins to Rivers Casino, Rosemont Entertainment District, Theaters, Chicago Outlet Mall, Restaurants & More. BRING YOUR OFFERS. INVESTOR FRIENDLY BUILDING.

This rarely available 3 bedroom 2 bath condo with 2 car g...

04/14/2022

3 Bed
2 bath
2 car heated garage space
1,800 sqft open concept - must see!
Davidfindsrealestate.com

04/09/2022

We're giving away tickets for next Mondays game!
4/18







Comment "Go Cubbies" for details.

04/05/2022

🚨Fantastic investment opportunity🚨
in the heart of Hermosa!

The 3-unit building includes one commercial/retail space
and two occupied 3 bed / 1 bath rental units. Must See!

Property sells "AS IS". Fantastic investment ...