In our February episode of Monday Market Minute, Carrie McCormick From @Properties discusses current market statistics to get an idea where the market is headed. We’re seeing a increase home prices in the city market. The supply for new listings has decreased while the demand is very high, bringing the price up. D.J shares his marketing idea for agents who are not that busy right now – spend an hour a day on social media by commenting on posts to deepen your relationships.
Email Carrie if you want a copy of the data she provided in this episode.
If you’d prefer to watch this interview, click here to view on YouTube!
Carrie can be reached at carrie@atproperties.com or by phone at 312.961.4612.
Please follow Carrie on Instagram by clicking here.
Transcript
D.J. Paris 0:00
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Hey, welcome to keeping it real the largest podcast made for real estate agents and by real estate agents, my name is DJ Paris. I am your guide and host through the show. Today on the show we have our monthly series called Monday market minute with Carrie McCormick from the Carrie McCormick Real Estate Group with at properties here in Chicago. Carrie is a top 1% producer in Chicago including the suburbs with over 20 years of experience helping buyers sellers and investors in the entire Chicagoland area. In fact, in the past 12 months out of 44,000 real estate agents here in the Chicagoland area. Carrie is currently ranked in the top 10 of production. She’s a true superstar and an expert in everything from first time homebuyers, veteran investors and luxury properties. She also works with a lot of developers and is often chosen to represent their high end developments, please visit Carrie at our website, which is Carrie McCormick, r e.com. And also follow her on Instagram, which is at Carey McCormick real estate. Carrie, welcome once again to the show.
Carrie McCormick 1:45
Thank you guys so much happy to be here. As always, we’ve got a lot of things to chat about. We are in February of 2021. And as everyone know, we had a crazy wild year in 2020. And looks like we’re gonna have a little bit of the same here in 2021, too. So we’ve been busy at work. But one thing that I have done and and if anyone wants to see a hard copy of this or pull it themselves, I pull a lot of data from the Chicago Association of Realtors website. So it’s a really great resource just to get a market recap, I don’t rely too much on data when I’m meeting with my clients and pricing properties and you know, getting a pulse on the market, because since we’re boots on the ground, we can you know, talk to clients. And, you know, we know what’s happening. But this actually supports a lot of what I do. So I would encourage you to go there. But anyways, just to take a look at a few of the key things that I pulled. And again, I can send this to anyone that wants it is this is the median sales price. A lot of people are saying, you know, people are leaving the city and going the suburbs, which is true there is that, but the city is still doing very well. So if you look at this chart that says I know it’s small, but it’s detached, which is your single family homes, and you’re attached, which is your condo market and your townhome market, and this goes from 2020 2019 and 2018. But if you look everything, the median sales price is ticking up over the last few years. So again, the people that are trying to say, you know, the city’s depressed, nothing’s moving. That is not true, we are seeing some really good pricing increase in the city. These numbers and again, I know you can’t read them, but it just it takes it month by month of 2020. So you can see it actually April of 2020, the overall pricing shot up 15%, median pricing jumped up 15%. And that was a product of COVID. Right people started to move, there was a little bit of a lull, and then the fall of 2020 hit really strong again. And December was up 20%. So again, this data, you know for anyone that says the markets depressed or it’s not doing well in Chicago, this is a really great resource to use. Because it’s facts, it’s how the market moved.
D.J. Paris 4:08
So with this information, I’m going to just pause for a second and say Would this be information you would want to relay in particular to seller or or rather, people who are owners who may not be thinking of selling this might be a good time to think about listing the home if they are looking to to make a move, whether it’s from the city to the suburbs, or just from neighborhood to neighborhood or from suburb to suburb? Simply because medium home prices are up?
Carrie McCormick 4:32
Absolutely. Absolutely. I mean this is it’s great for buyers and sellers. This is what’s interesting too and again, just going back to the basics of economics of supply and demand. This is new listings and this is you know back in December of 2020. Just again, recapping the year, but if you look at attached, which is the single family home market supply is down 16%. So again, our supply is low for us. Single families the demand is high. And what does that mean? pricings going to uptick, right? So and then again, it goes through the attached, which is your condo market, you know, again COVID Depressed our condo market just a little bit because people didn’t want to be in multi unit buildings at some point. But they’re the new listings, you know, people are getting out of their condos Shut up. So we had a ton of new listings there at Shut up 9%. So again, when you go back to the basics of economics, this is just a really easy way to capture that data. Two more, I promise only two more. This is another one that I love. This is q4 of 2020. I know there’s a lot of stuff on here. But what it does is it breaks it down per neighborhood. This is Chicago and in q4, data of q4 of 2020 of what’s closed, it takes each of our neighborhoods and tells you which one the performance of each neighborhood. And shockingly, the number one neighborhood in Chicago was Lincoln Square, it shot up 63%. That’s a huge number. Number two is Albany Park. Number three is Rogers Park. And number four is Logan Square. And of course, once you pull this, you can just see how each neighborhood performed. But of all of these, you can see it’s yellow, they all perform performed very well, with the exception of one little neighborhood didn’t do so well. But everyone did. Well. last chart is the suburbs, the North Shore, unbelievable numbers in the North Shore. So as people were leaving the city and buying something in the North Shore, the top neighborhood, Lake Forest, Lake Forest went up 136% Shocking. Not shocking. I grew up in Lake Forest. I love Lake Forest. But it’s just it’s incredible to see those numbers. Number two is Wilmette 117%. And rounding up, number three is Glencoe at 85%. And again, it goes on and on. But these numbers are huge numbers. And our suburban market needed it so and we’re starting to see that a lot this year, too. There’s low inventory in the suburbs. So you know, as a broker, it’s our job to help our buyers find these new homes. And we utilize a lot of great resources like the PLN, the off market networks, each brokerage has their own intranet, if you will. And one of the best ways also is networking, you know, talking to each other in the office collaborating, I get calls all day long. And I love it from other brokers just saying, you know, what do you have coming, this is what I have shoot me an email, you know, these are the ways that we can collaborate within our business to keep our market moving.
D.J. Paris 7:47
Yeah, and it’s also good opportunity, if you’re, you know, a newer broker to realize, while the broker opens probably aren’t happening much anymore. But whenever those start becoming more and more common, that’s another great opportunity to learn inventory, network with other realtors build relationships, and find out who you can start sharing information with to help get deals closed or just find you know, opportunities. So my marketing minute, thank you for that care. That’s great stuff. My my marketing ideas, actually a really simple idea. I think most things in life are fundamentals and habits and, and so I’m just wondering, you know, I know there, there’s a lot of people like Kerry’s been crushing it for the last year, it’s super busy for everyone out there that that isn’t as busy as they would like, especially now and it’s cold. And if you’re here in Chicago, of course, everything’s iced over as of this morning. So it’s really, really cold and hard to get around. It’s you know, we’re kind of almost in single digit temperatures. So your problem and with the pandemic still still happening, of course, you’re probably inside more more than normal. So what you could do right now is if you’re not that busy, and you want to build your business forward, one of the ways you can do that, spend an hour a day on social media, and I’m not going to even mention posting your own content, which you should do. But oftentimes agents think, well, gosh, I probably should post every day, I’m only going to talk about another aspect of social media, which is commenting. And what we’re going to be talking just very quickly about is deepening relationships. So right now, if you if everyone in your contact list in your sphere of influence, you know, your friends, your family, you know, acquaintances, past clients, anyone that might have an opportunity to either become your client or was a client or maybe refer you to other clients. Of course, you want to make sure you’re friends with them on all the social media platforms, LinkedIn, you know, Instagram, Facebook, those are of course the big three, but there’s others and you want you want to do is spend an hour a day which sounds like kind of, you know, normally we’re just kind of playing around on social media, but go on there and comment and you don’t have to comment on every single person’s posts, but comment on anything that really grabs you and just, we all know what it feels like to get that notification on our phone that says so and so commented on your Instagram or Facebook post, it feels good. It gives us a sense of wow, this person cared enough to write, you know, Hey, I saw you’re on vacation, or I saw you just went out to a nice dinner, or I saw you made something cool at home? Or, you know, maybe even I saw you’re having a tough day or whatever. And commenting on that, you know, the National Association of REALTORS does this study every year, where they look at first time homebuyers who have never worked with agents, although actually don’t think they did it last year. So my dad is a few years old now. But they look at people who have never worked with an agent before. And they say how, how did you choose an agent and the vast majority of people say I pick somebody who I know. And you know, of course, we know that that’s how it usually works. So you have to keep your name in front of people. And part of it is posting on social media and reminding people what you do. And then the other part is reminding them you care about them. And that’s one way that you can just do that. And if you just spend. And if you don’t have an hour a day to do that, you have 30 minutes. And if you don’t have 30 minutes, you have 10 minutes, but just do it every single day. And watch what happens and do it every day for a year. And you have to commit to it for about a year. And again, it doesn’t mean that every time one of your clients posts, something you have to post immediately. And maybe you just do it every you know, but you think about every single one of your clients should be hearing from you. Or sorry, everybody in your contact list should be hearing from you once a month. And that includes things like social media posts. So if you’re worried about what do I do right now, deepen those relationships, make people feel that you care about them. And you know, casually, you can also remind them that oh, by the way, if you need help with anything, you know, please let me know. But I think that that’s just a great way just to stay busy during those winter months, when maybe we aren’t always so busy.
Carrie McCormick 11:47
I think that’s great. And I’ll just tell you a quick story to one lesson that I learned. And it stuck with me. So hopefully, it’ll stick with a few other people is, you know, as you know, you’ve talked to your clients and you do you comment on their social media, you send them a card in the in the mail, you do you know, various things throughout the year, you send them a gift, and then, you know, you hear a few months later that they bought a house or that they referred one of their friends to someone or whatever. And then you call them you’re like, hey, you know, don’t forget about me and like, oh, shoot, you know, I forgot. People just don’t remember. So one thing I someone had told me once is think about if you go shopping at Nordstrom, in the shoe department, there’s a lot of people in the shoe department, you walk in that first salesperson comes up to you says how can I help you. And at that point, you just walked in, you say, I’m just browsing, right, and you start browsing, you’re going through the store, and then you find the pair of shoes that you love, and you want them, you pick them up, and you turn around and that first salesperson that you see you ask them for your size. Now, do you go back to the first person that asked you, you know, when you first walked in, you don’t right, turn around, and you’ll get the first person that’s next to you to get you that pair of shoes. So that always resonated with me because when your buyers or sellers are ready to transact, they will turn and look at see the last person that’s contacted them? Or the last person that they remember.
D.J. Paris 13:17
That’s absolutely so so Right. Right. Like, you know, I was thinking about that because I go to Nordstrom for shoes as well. And you’re right, as soon as you walk in, you’re completely overwhelmed by all of the options, you’re not even sure what’s happening. And somebody races over to you and says, What are you looking for today? And unless you absolutely know what you’re doing at that time, you’re probably like, I need a few minutes. And and then you know, you browse around, you take a look and you’re probably you’re so right. And people probably do the same thing, too with real estate, meaning they probably say You know, I’m in the market for a house and and then somebody says, Great, I can help you they go well, I’m not totally ready yet. And then maybe that agent forgets about them as they’re browsing Zillow for the next few months. And then all of a sudden, they’re like, you know, I want to go see that house and you’re right, they’re gonna look to see who is the who is the person that I just talked to. That’s Boy, that’s such a great suggestion. So
Carrie McCormick 14:04
And I’ll never forget that that was early on in my career. And I just remember to try to stay relevant stay top of mind you know, stay in front of people and it’s various ways and social media is the best way to do it too.
D.J. Paris 14:15
Perfect. Well, what a great place to to to end up here for our February episode of the money market minute for anyone listening who is not a realtor but wants to work with a top realtor here in the Chicagoland area. Carrie is one of the very top producing agents for two decades now she’s absolute superstar and she is taking on new clients. So if you are somebody who is a buyer or a seller and investor or renter and is looking to work with a top agent, Carrie and her group can assist. Carrie what’s the best way someone should reach out to you?
Carrie McCormick 14:49
Sure, always call me 312-961-4612.
D.J. Paris 14:54
And if you would like a copy of some of the data that Carrie shared with us on the podcast, But or if you can email her for questions or, you know, really anything real estate related, and whether you’re a broker or a client, and what’s the best way they should email you?
Carrie McCormick 15:09
Yep, it’s Carrie ca RR ie at@properties.com.
D.J. Paris 15:15
Awesome. Well, Carrie, thank you once again for being on the show. She has been with us for years and years and always provides amazing content to our Chicago listeners. And we appreciate that. And for everyone who is listening, please remember to tell a friend think of one other agent that could benefit from having heard this this Monday market minute with Carrie and send them a link to our show, you can find us on our website, which is keeping it real pod.com You can actually stream every episode we’ve ever done right from the browser. You don’t even have to download a podcast app. But of course, we’re also on all the podcast apps, you can just search for keeping it real there. And also follow us on Facebook, you can find us@facebook.com forward slash keeping it real pot. Kerry. Thanks again. We will see you next month and hope everyone is has a not terribly cold and uncomfortable February and as the vaccination start opening up, we’re all going to be able to move about pretty soon. So that’s very exciting. So we just have a few more months and then hopefully we’ll be back to some semblance of normalcy, which I think we’re all looking forward to.
Carrie McCormick 16:17
Sounds amazing. Thank you. Thanks, Gary.
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