Prospect Equities®

✨Market Insight✨ Inventory is still substantially low and not much movement over the last month with respect to the prior month data. Single family home prices have continued risen above the Original Listing Prices which means the summer has favored seller's market. It will be interesting to see what lower rates will actually do in the coming months; one would believe it would spark new buyers but this may not help with the supply shortage as current would-be sellers still have much more favorable rates on average, even with this week's half point cut by the Fed. Condo and townhome prices are selling around 10 percent off of original listing prices which means you can still purchase these property types with room for negotiation. It's always important to have the right professional representation help you negotiate your price so that you do not overpay or undersell your property. A professional agent is trained to handle the various facets of strategy, negotiation, and due diligence to get you to the finish line, successfully and with minimal stress. August 17th was when the new NAR guidelines went into effect. National Association of Realtors standards now requires all buyers working with Realtors to have a signed agreement prior to seeing properties with an agent. This is no different from seller always having signed agreements with their agents representing them to market and sell their home. Signed agreements maintain clarity on responsibilities of both parties, client and professional, and has always been a good practice in every profession. We embrace the decision of the NAR, the world's largest largest professional trade organization, to install this policy which better serves the public and profession. What are your thoughts about the current market landscape?   #prospectequities #marketinsight #realestate

✨MARKET INSIGHT✨ Inventory is still substantially low and interest rates have nominally decreased over the past month. Single family home prices have now risen above Original Listing Prices which means the summer, with interest rates dropping about half a percent, has favored a seller's market. Condo and townhome prices are selling around 10 percent off of original listing prices which means you can still purchase these property types with room for negotiation. It's always important to have the right professional representation help you negotiate your price so that you do not overpay or undersell your property. A professional agent is trained to handle the various facets of strategy, negotiation, and due diligence to get you to the finish line, successfully and with minimal stress. August 17th is when the new NAR guidelines go into effect. National Association of Realtors standards will require all buyers working with Realtors to have a signed agreement prior to seeing properties with an agent. This is no different from seller always having signed agreements with their agents representing them to market and sell their home. Signed agreements maintain clarity on responsibilities of both parties, client and professional, and has always been a good practice in every profession. We embrace the decision of the NAR, the world's largest largest professional trade organization, to install this policy which better serves the public and profession. What are your thoughts about the current market landscape? #prospectequities® #realestate #MarketInsight

✨MARKET INSIGHT✨ Based on the last 2 months of data, even with inventory being substantially low and interest rates hovering around 20 year highs, we can see that single family home prices are still increasing as well as closing in at numbers much closer to the Original Listing Prices. While condo and townhome prices are not inflating as much, they too are closing in on their Original Listing Prices. What this means is buyer activity is still very much aggressive, and even more aggressive than multiple prior quarters. Although not as aggressive as the pandemic era, some of our clients are experiencing bidding wars on properties. It's always important to have the right professional representation help you negotiate your price so that you do not overpay or undersell your property. A professional agent is trained to handle the various facets of strategy, negotiation, and due diligence to get you to the finish line, successfully and with minimal stress. What are your thoughts on how the market may be turning? #prospectequities® #realestate #MarketInsight

Please join us in welcoming our newest team member, Shuyu Jia, to Prospect Equities as a Software Engineer on our Tech Operations Team. Currently pursuing a degree in Computer Science at the University of Chicago, Justin brings a wealth of expertise in Java, Python, JavaScript, Golang, and C , paired with extensive experience in full-stack web development and software engineering. Justin’s impressive academic achievements and his proactive approach to technology, especially his interest in real estate software solutions, make him a valuable addition to our team. At Prospect Equities, Justin will lead the development of a proprietary transaction management system and spearhead the design and construction of our new website. He is also excited to enhance our tech capabilities by implementing a Single Sign-On system, allowing seamless access to all PE applications with a single authentication step. We are thrilled to have Justin on board and look forward to his contributions in keeping Prospect Equities at the cutting edge of technology. Welcome, Justin! #prospectequities #prospectequities® #realestate #chicago

Welcoming our newest employee, Nik Sun, a recent graduate from Rice University and now with PE as a Data Scientist on our Tech Operations Team (TOT). Nik is deeply interested in mathematics and data analysis, and he intends to leverage the extensive and ever-growing data to uncover valuable insights in the real estate sector. While at Prospect Equities, Nik’s main responsibilities include developing cutting-edge solutions that would facilitate quick and easy retrieval of essential property indicators. His knowledgebase allows him to provide solid support to our agents and deliver strategic information to our investors. #prospectequities #newemployee

✨MARKET INSIGHT✨ April has seen a notch up in pricing and decreased market times. Also take note, the gap between original asking price and close price is starting to shrink. The opportunity does continue for Buyers to take advantage of current availability. The interesting take away is that the Spring market has, as typical, increased with inventory but even with interest rates not waning, buyers are buying closer to what sellers are asking. It is always important to have (the right) professional representation help you negotiate your price so that you do not overpay for property and use certain market conditions to your advantage. A professional agent is trained to handle the various facets of strategy, negotiation, and due diligence to get you to the finish line, successfully and with minimal stress. What are your thoughts on buying or selling a home in the current economic landscape?  #prospectequities #MarketInsight #RealEstate #Chicago

Discover firsthand why Prospect Equities® is the brokerage of choice for agents! Hear directly from our agents as they share their compelling reasons for choosing Prospect Equities®. From our unparalleled support and resources to our thriving community and commitment to excellence, we aim to make Prospect Equities® stand out as the premier destination for real estate professionals. #prospectequities® #realestate #chicago #Brokerage

✨MARKET INSIGHT✨ March has seen a decrease in market time and 20 % discounts from original asking prices in both single family homes and attached properties (condos/townhomes). The opportunity continues for Buyers to take advantage of current availability. It is worth noting that, historically, new inventory will populate the market in the upcoming months and potentially make buying opportunities more favorable, and as you can see from the February Market Insight, both units and prices have significantly increased month over month. If you are planning to sell this Spring, now may be an opportune time to list while competition is relatively low. It is important to not only time your sale strategically, but to also seek advice on how to market/show your property and its attributes correctly to gain the most exposure and achieve the best price. What are your thoughts on buying or selling a home in the current economic landscape? #prospectequities® #realestate #marketinsight #chicagorealestate

We are thrilled to announce that Prospect Equities is celebrating its 24th birthday today🎉🎂 As we reflect on the past 24 years, we are filled with gratitude for each and every one of you who has been a part of our journey. Together, we have achieved remarkable milestones and overcome challenges, contributing to the growth and success of Prospect Equities. From our humble beginnings to becoming a leading real estate firm, our journey has been nothing short of extraordinary. Over the years, we have expanded our reach, developed innovative solutions, and built strong relationships within the real estate community. As we celebrate this milestone, let's take a moment to recognize the dedication and hard work of our agents and staff. Your commitment to excellence and passion for serving our clients have been the driving force behind our success. Looking ahead, we are excited about the opportunities that lie ahead and the continued growth of Prospect Equities. Together, we will continue to innovate, adapt, and thrive in an ever-evolving industry. #prospectequities® #24thbirthday #realestate

✨Market Insight✨ The start of the new year's first month has seen an increase in market time and large discounts from original asking prices in both single family homes and attached properties (condos/townhomes). This is common for the winter and holiday season as people generally prefer not to move during the months of December and January, historically. However, this presents a great opportunity for buyers who are in the market to take advantage of properties that have been a bit stagnant and with price reductions. We have seen this trend over the past half year in the Chicagoland housing market where we appear to be moving away from a "seller's market". Planning to buy this Spring, now may be an opportune time to engage. What do you think about these softening home values? #prospectequities® #realestatemarket #marketinsight