Business View Magazine l October 2022

123 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 10 LAR I CY competitor in the city, and its team works tirelessly to keep one step ahead of the market trends. Matt points out that his realtors always work to keep their valued client base armed with the best property information to help make strategic buying and selling decisions in an unpredictable condo market. He shares, “I love what is happening in the market right now because it is starting to get tough to sell again, but I love it because it has already been tough to sell in 55 to 60% of my markets, and this year has made the Great Recession look like a walk in the park.” While the outlying residential areas of large cities across the country have seen a housing boom of historic proportions during the last few years, the condo market took a decisive hit. “Most of America has been seeing this unbelievable residential real estate market, and real estate brokers have increased with many new brokers coming in,” Matt says. “I have been telling people for years that real estate was never designed to sell in a day, and these people are going to get reality checks because at some point things are going to normalize.” Matt highlights that factors merged during COVID to create the opposite housing effect in the condo markets. While offices shut their doors and buyers moved en masse to the suburbs to snap up larger properties to work from home in, condos lay vacant and sales slowed to a trickle. “Downtown Chicago and high rises have been the worst in history with the highest amount of inventory of all time,’’ Matt explains. “The reason why the inventory was so high in the condo market was because the media and publications have been telling Americans for almost three years now that nobody would ever go to work again and that offices won’t exist, and that cities are not going to exist. People drink the Kool-Aid.” Mortgage rates now on the rise on the heels of moves upward by the Federal Reserve may have slowed down the record pace of single-family