A survey of brokers with the state’s larger real estate firms found 85 percent thought the single-family housing market would be very good or good in the next six months.
Illinois REALTORS® launched the short survey, Illinois Top 200 Monthly Market Pulse, earlier this month to better gauge emerging trends affecting real estate practitioners in Illinois. The survey will seek market sentiment information, as well as include a changing list of questions relating to the industry.
The survey goes to the largest firms throughout the state, and Illinois REALTORS® encourages those who are getting the survey to fill it out.
Other results from the 71 people who participated included optimism about the condo market, with nearly two-thirds indicating they thought the outlook in this segment would be very good or good.
Nearly 80 percent of those taking the survey said they thought the rental market would remain robust.
Respondents were asked to comment on the biggest challenge facing them right now, and not surprisingly a lack of inventory was often mentioned.
Managing brokers who need the 12-hour Broker Management Continuing Education course for license renewal have an opportunity to complete this requirement without leaving home by attending the March 1 & 2 BMCE Webinar.
Registration ends at midnight Tuesday, Feb. 28.
Course: Broker Management CE Webinar Dates: March 1 & 2, 2017 Session times: 9 a.m. – 4 p.m., both days Instructor: Lynn Madison Course fee: $170
Potential changes to tax reforms could weaken the opportunity for home owners to use the mortgage interest deduction and eliminate 1031 like-kind exchanges for commercial property owners, says NAR Senior Policy Representative Evan Liddiard in an Illinois REALTORS® video.
“When you raise that standard deduction, you get rid of all the other itemized deductions, particularly state and local tax deduction, it pretty much takes the bottom out of the MID (mortgage interest deduction) for 95 percent of the people,” Liddiard says.
Illinois REALTORS® Treasurer Dan Wagner and Liddiard emphasize the importance of like-kind exchanges. Wagner says Illinois REALTORS® and the National Association of REALTORS® are keeping a close eye on developments. See the video.