In our July episode of Monday Market Minute, Carrie McCormick from @properties she talks about a new exciting development in Lake View which will be announced shortly. Carrie shares statistics on the real estate market in Chicago. Carrie emphasizes that it’s a great time to be a buyer as there’s less competition in the market at the moment because of vacations. Carrie and DJ discuss supply-chain issues and how the increase in the wood prices has impacted the prices of renovation and also buyer’s decision making. Last, DJ shares his marketing tip for July.
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D.J. Paris 0:00
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Welcome to keeping it real, the largest podcast made by real estate agents and for real estate agents. My name is DJ Paris. I am your guide and host through the show today. On the show is our monthly series The Monday market minute with Carrie McCormick from the Carey McCormack Real Estate Group with add properties here in Chicago. Carrie is a top 1% producer with over 20 years of experience helping buyers, sellers and investors. In fact, in the past 12 months out of 44,000 real estate agents here in Chicago. Carrie is currently ranked number 14 in production. She is 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, including the one that I just purchased and live in. So she is everywhere. And everybody knows her and we’re so excited to continue continually have her on the show and she’s been with us for years. Please visit Carrie at her website, which is Carrie McCormack R e.com Carrie McCormack rt e.com. And also definitely follow her on Instagram, which is at Carrie McCormack real estate. Carrie, welcome once again to the show.
Carrie McCormick 2:26
Thank you and I’m excited to share I can’t give too many details yet because it has not been announced. We have a new exciting development coming in Lakeview, it’s going to be 18 Amazing single family homes. The location can’t tell you anything about it. But we’ll be able to announce it I think in about a week or two. So for anyone that works in the luxury real estate or luxury, single family home market, please reach out to me I’ve got something really amazing and exciting coming in the Lakeview neighborhood.
D.J. Paris 3:01
And these are you said townhomes or single family homes. Oh, wow, wonderful. Well, there’s and there’s never that much construction like view because it’s so just built up. This is very exciting.
Carrie McCormick 3:11
It’s very exciting. So there’s your little sneak peek of the day. But you know, stay tuned and feel free to reach out to me if you’ve got someone looking.
D.J. Paris 3:21
And yet actually Carrie was at the building that that I live in now this morning, but I was not there. And so we weren’t able to say hi, but we’re talking virtually now. But yeah, tell us what’s going on in the Chicagoland market since you’ve got your ear to the streets at all
Carrie McCormick 3:36
time. Low. Absolutely. It’s really been a you know, a fun kind of reporting year on the real estate front. Will June, March June 2021. I gotta remember what year we’re in really March the 11th straight month for double digit increases. So it’s still flying, it’s still busy. The median price of homes, believe it or not, is up 20.4% From June of last year. So 20.4% is a huge number of an increase in one year in Chicago believable and your inventory still remains low. We’re at 2.6 months, which it’s down from just you know, June to June. So June of last year was 3.9 months. And now we’re at 2.6. So it still indicates a tight inventory. And then median prices are up so we’re still moving strong. For the month of July though July has been a little bit slower. And we’re hearing that across the board and all different markets. And the reason is, I think is because people are vacationing Yeah, it seems like every other person I talked to is on vacation. Things are opening up people are enjoying a little bit of the summer months weddings, graduations, again the travel so we’ve seen a little bit of a slowdown for the month of July, but as my manager said to me, he said, You know, we’ve been going 150 miles an hour, we’re going 120 miles an hour now. So it’s definitely not slow. It just, we let off the gas a little bit, if you will. So, so take advantage of it, everyone and just, you know, give yourself a little bit of time to breathe. But I do anticipate that August, September, October, rolling right into the end of the year, we’re going to be busy again.
D.J. Paris 5:26
Yeah, I was at an event, an in person event last night here in Chicago with about 150 realtors. And I it seemed to be the general consensus. When I asked agents, how their business was going. They said it’s finally slowing down, but not in a bad way. But in a I can catch my breath way. Right. So I was it seemed to be a general sort of calm, calmer. Realtors seem to be more excited to breathe a bit. So let’s, yeah, so let’s see the market is so we have people on vacation. I guess that means it’s probably a good time for buyers right now. Because there’s maybe not as much competition people aren’t as active we putting in offers. Are you seeing that as well?
Carrie McCormick 6:12
Absolutely. And I said this on the last podcast when we spoke is it really is a good time to be a buyer right now, just because there is less competition out there. So just the multiple offer situation is not happening as much, you just don’t have that organic competition happening. So yeah, it’s a great time to still be a buyer. slim pickings on the inventory. So we’re going to expect to see more coming in August. But what’s been interesting is I feel like outside of a real estate broker, I feel like I am a furniture broker. Because with the supply chain being so backed up, you know, when you walk into a home, and they’ve got a beautiful outdoor seating area, or a beautiful living room set, when people are making offers, we’re now including some furniture in our in our offer, because again, if you’re buying a home that’s got a fabulous roof deck, and you don’t have furniture to order that is going to take months, you’re not going to be able to enjoy your back until next year. So I’ve been negotiating and brokering a lot of furniture, which is interesting.
D.J. Paris 7:22
Do you do? Yeah. And I can appreciate that, because I’m dealing with with some of those issues as well. Thankfully, my outdoor furniture came in. So I could enjoy it this this season. But I know that if I had purchased if my if the property I’d purchased was not a new construction. If there had been previous owners, I might have thought about that. And I guess that’s a great opportunity for agents really on both sides to think about being making things more competitive by saying, hey, you know, we’ll throw in the furniture or we want that furniture, let’s say let’s add it to the to the contract.
Carrie McCormick 7:56
Yeah, it’s, it’s very interesting. And yeah, let’s
D.J. Paris 7:59
talk. So what what about, you know, in the same idea of supply chain issues, and again, I, I’ve got my outdoor furniture has been delivered, but some of my interior furniture is some of its delivered, some of it isn’t. And I get these emails all the time from these furniture companies saying we have supply chain issues. We know it we’re working on it. Thanks for your patience. What about on the renovation side? So, you know, we know there’s a wood shortage or, you know, wood prices are certainly going have been through the roof for the last year. So how is that affected? renovations?
Carrie McCormick 8:32
Yeah, so it’s been really tough renovation. Can you hear me? Oh,
D.J. Paris 8:39
I think we lost you. Let’s see, I think we might have the mic got switched maybe.
Carrie McCormick 8:47
Can you hear me?
D.J. Paris 8:48
Hmm. Can you see if you can switch the microphone under mute? Or the little up arrow where it says select a microphone
Carrie McCormick 9:01
Let me see.
D.J. Paris 9:02
We’ll fix this in post production. So no big deal.
Carrie McCormick 9:07
What am I switching? Oh,
D.J. Paris 9:13
perhaps it’s me. Hang on. Do you hear me? All right, Carrie. I think it’s me one second. My apologies. I don’t know why. I don’t know why I’m having an issue. One. Sorry. Sorry. One second. It’s me, not you.
Sorry about that. That was me. He was not your child. I don’t know what the issue was. But can you hear me now? Yep,
Carrie McCormick 9:42
I can hear you. Okay. Yeah,
D.J. Paris 9:43
I can hear you. Sorry about
Carrie McCormick 9:44
that. Okay, so we’re gonna start with Can you patch all this together? Yeah. So you asked maybe go back to asking the question about renovations.
D.J. Paris 9:57
Yeah. So I know that with the woods one shortages, that, you know, there’s been massive delays in in getting lumber and how has that affected renovation time? Yeah.
Carrie McCormick 10:11
So I mean, that’s a great question. And really what’s happened is people are pausing or being a little more cautious and careful buying homes that need the renovation, whether it’s a bathroom renovation or a kitchen renovation hardwood floors, just because they know that trying to get workers in right now is so difficult. And again, there’s a long lead time and doing that.
D.J. Paris 10:36
Yeah, we we’ve, I’ve been experiencing very similar things. Are there any types of
Carrie McCormick 10:42
DJ Hang on one second? Because this
is it for me, guys? There’s a little button. That looks like top up top down. Okay, just sit in a car. Turn it on. So I have a convertible and it’s pouring rain.
D.J. Paris 11:06
Oh, just started pouring. Okay. Oh, I’m sorry. Oh, no, I owned convertibles for 10 straight years. And I cannot tell you the number of times I got rain. So or my car got rained on. So
Carrie McCormick 11:20
I’ve got so much stuff in my car. Oh, I just didn’t even think about it.
D.J. Paris 11:25
Oh, I’m sorry. I’ve been there. I’ve been there.
Carrie McCormick 11:29
She’s gonna go do it. Okay.
D.J. Paris 11:33
Grab some towels.
Carrie McCormick 11:38
Thank goodness for an okay.
D.J. Paris 11:40
So we’re talking about a timeout renovations and which renovations you know, you’re What are you talking about? What are what are your clients asking renovation wise right now? And what are you suggesting to them?
Carrie McCormick 11:52
Yeah, so renovations are tough right now. So I am advising my clients that if we know we’re buying something that needs bathroom renovations or kitchen renovations, again, it’s a time thing you know, you the supply chain is is taking weeks to get it done. So you have to have patience. And I do foresee from a seller’s side that if you are selling a home that is in need of renovations, you’ve got to at least give a little bit of a discount on the house, you know, because again, time is money for people and you just you know, they need to know that every buyer is not going to be open to you know, doing all these renovations. So it is a tricky thing with the supply chain right now. I mean, I’ve had people order dishwashers or refrigerators, washers and dryers, and again, their weeks and week leave weeks lead time. So it definitely is a conversation that we have to have before someone purchases. Also, from an inspection standpoint, that’s also become a little bit of an issue. So for example, if you have an inspection on a property, and it needs a new roof, or it needs tuckpointing, or new furnace, or whatever it is, again, the lead time to get this stuff done is taking so long that some of the sellers can’t get it done by closing. So we have to escrow for for it. So again, part of our job is being brokers, you know, is educating, advising, and making sure that our buyers and sellers are positioned properly.
D.J. Paris 13:19
Are there are there some buyers where you’re encouraging them to sort of deal with the imperfection of a particular room? And then wait until the supply chain issues seem to seem to be corrected? And lumber becomes more readily available? And it’s cheaper? Maybe next year? Or are you You know, I’m just curious. And those kinds because I wonder if that’s pausing some buyers from making offers going well, I really need to fix this stuff up. But maybe it’ll be three for six months,
Carrie McCormick 13:52
everyone’s got their different threshold, I have zero patience. So I am one that I would pay for something just to have it done. You know, so that’s just it, it just depends you got to have patience or just know you’re gonna pay a little bit of a premium if you want to have it done now.
D.J. Paris 14:08
Wonderful. Well, I here’s my marketing idea for the week or for the month rather. And it’s really based on something you just said I had a different marketing tip and then you said something at the beginning that I thought was pretty profound, which is that prices on average have have risen about 20% Here in the Chicagoland area. And so knowing that if I were a Producing Realtor, but I was maybe not as busy this month because people are you know, things have slowed down just a little bit and in general, I might be reaching out to everyone I know who owns a home and just saying hey, by the way, Mr. And Mrs. Owner, it you know, Ben depending on the type of property I do a little research first to make sure that I was you know about to give them a reason to talk with them a legitimate reason. I would say you know homes in your area have appreciated by X percentage. Has anyone read On Any, any updated comps for you, I’d be happy to do that and send it over to you. I don’t know if you want to sell or not. But I always know as a homeowner, I would like to know what my place is worth. And most homeowners probably aren’t checking, you know, the Zestimate on Zillow very often, and we know that that isn’t always super accurate anyway, but maybe making a proactive phone call to every owner. I mean, it’s such a simple idea, but maybe not the worst idea when homes are up 20% And as a really big number. The problem of course is then they’re like okay, well then I gotta buy something that’s appreciated. 20% Well, okay, yes, that’s possibly a challenge. But maybe they want to rent for a few years, which again, is probably you know, that’s also a very difficult thing. But it starts it’s the beginning of a conversation and maybe more importantly, whether they ever sell or not, they’re going to feel that the agent really cares about them in this thinking about them.
Carrie McCormick 15:50
I’m going to do that. As we speak when we’re done with this call. I’m going to start making some phone calls. I liked that idea.
D.J. Paris 15:57
Yeah, and again, I suspect it’s not a lot of people who are going to want to sell but boy it’s a that’s a good phone call to make because hey, did you know your home is worth a little bit more than it was a year ago quite a bit more cash if I made 20% in the market on my you know my investments every year I would that would be the best year I’ve ever had. So to know that homes have appreciated like that is a very exciting thing whether or not they move it’s still a fun phone call. And certainly a great opportunity just to remind people that the you know that you exist and that you’re around and you’re thinking about it, so love it. Love it. Awesome. Well, I know we probably patch this together in the final edit but Kerry’s poor car got rained on she has a convertible and so she needs to raise out and address her car that is filling up with water. So thanks Carrie. Thank you so much for being on the show. I’m sorry, sorry about your car getting rained on I know that I’ve been there. So that’s why I don’t like convertibles anymore because I’m not I am not responsible with getting the the top but I’m
Carrie McCormick 16:58
starting off on a great foot with this car so
D.J. Paris 17:02
well anyway we appreciate your time and we appreciate you you soldiering through even though your car is getting filled up with water. But as as always everyone please visit Carrie she by the way, you can reach out to her if you have questions as as an agent. And also if you’re a buyer or a seller or renter and investor somebody that is looking to work with one of the top Realtors in the Chicagoland area. Carrie would love to chat with you. Her and her team are excellent. They’ve been doing this for 20 plus years. Everybody in Chicago land knows Carrie in the real estate world because of how professional and excellent she is. So reach out to her. So Carrie, what’s the best way somebody can reach out to you?
Carrie McCormick 17:41
I always tell people to call me on my phone gals. 23129614612 you can text me you can email me whatever you prefer, I’m always available.
D.J. Paris 17:52
And you please visit her on our website Kerry McCormick our e.com You can find all of her information there and links to all of her social profiles, but in particular, please follow her on Instagram. She has an amazing Instagram account. It’s a real model for what agents should be aspiring to in their social media and Carrie does it all herself. But you can find her on Instagram at at Carey McCormack real estate. Carrie once again, thank you for being on our show for four years now. And we are so thrilled to have you and for everyone listening we want to thank you for continuing to listen and support our show. Please tell a friend think of one other real estate agent that could benefit from hearing from top producers like Carrie and send them a link to our website, which is keeping it real pod.com Every episode we’ve ever done can be streamed right there. Carrie, thanks so much. And we’ll see you next week.
Carrie McCormick 18:41
All right, bye bye.