Chicago Relocation

Steve Baird Talks with Crain’s Chicago Business

January 2, 2013

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John D’Ambrogio

Steve Baird, President and CEO of Baird & Warner was interviewed by Crain’s Chicago Businesses sharing his thoughts on the 2012 residential real estate market and where he believes 2013 could go.

Baird credits the surprisingly consistent 2012 to the return of home buyers.  “I don’t know exactly what happened but it was almost like flipping a switch January 1, and the market has been strong,” said Baird.  With record sales throughout Chicago, declining vacant lots, the best October home sales Illinois has seen in six years, and other notable updates, the market was strong.  When asked what surprised him the most about 2012, Baird said it was that solid month-to-month consistency.  “I keep waiting for it to drop off again, but it’s stayed solid every month,” said Baird.

The second thing that surprised Baird was the lack of increase in average sale price.  Across the nation other markets have seen dramatic rises in average sale prices while Chicago still is still down about 1%.  But Baird believes that there isn’t much to worry about because he sees the high rising markets in areas that crashed the hardest.  Rather Midwestern sensibility is to be credited for the slower, but more stable market seen in Chicago.  Stable, but eventually rising in Baird’s opinion.  “I think next year we will see that (average sales price) actually increase,” said Baird.

Finally, he isn’t worried about foreclosures dragging down the market, rather (in most areas) he sees foreclosures and short sales as just more inventory to work with.


Some comments from Baird & Warner’s Elizabeth McGrath