Over Columbus Day weekend, I actually took Sunday afternoon off.
My kids loved having me around. And since they were off school Monday, they figured maybe they could get another day with Dad.
Remi asked if I could spend the day at home.
Then Rhone jumped in.
"Yeah! Can you stay home? Please? PLEASE!?"
I told them I couldn't. I had a full day of work.
When everyone else is off, we're usually busier.
It's a question I get almost every weekend. Can you stay? Can we go somewhere? Can you take the day off?
Most of the time, the answer is no.
I miss their games. I never get to take them to KidCity or Sky Zone. For the first few years of each of their lives, I missed most bedtimes because they were asleep before I got home.
Maybe it's because I'm getting older. Or maybe it's because they're getting older.
But lately, it's been sticking with me.
My dad worked all the time when I was growing up. He got home late and rarely made it to my hockey games.
I never really questioned it. That's just how things were.
But when I knew he was coming to a game, I got excited.
I'd look for him.
And when I saw him, I'd try to play a little harder. Maybe score a goal. Do something that would make him proud.
It's funny how those little things stick with you.
And now I'm the dad who's missing games.
I wonder if my kids look for me the same way I used to look for him.
I've always been driven. Even as a kid, I wanted to do something big.
The problem was, I wasn't exactly giving anyone a lot of reasons to believe I would.
I got a 20 on my ACT. Eastern Illinois was the only college I got into.
I was a good athlete, but never the best.
Growing up, I always felt like I was being compared to somebody else. My brother, other kids, whoever.
Nobody necessarily sat me down and told me I wouldn't amount to anything.
It was more the looks people gave me when I told them what I wanted to do.
That look that said, "Yeah, good luck with that."
When I decided to take my real estate business downtown and become one of the biggest agents in Chicago, people laughed.
That only made me want it more.
And I still have that same drive today.
Not because I need more money or another award. I just want to know how far I can take this.
But here's something I've been struggling with.
I work so hard for my family that sometimes I wonder if my family ever gets the best of me.
My clients get the best of me. My agents get the best of me. My business gets the best of me.
My wife and kids?
They get what's left.
The tired version. The cranky version. The guy who's physically there but mentally still at work.
I know what some of you are thinking.
"Matt, slow down. Spend more time with your kids. Work will always be there."
And maybe you're right.
But I also want my kids to see what it looks like to chase something. To work hard for something you believe in. To not give up just because somebody tells you that you can't do it.
I want them to be proud of what I've built.
I just don't want them to feel like they came second to it.
Because when I'm 70, I don't think I'll regret trying to accomplish something great.
But I know I'll regret some of the moments I missed along the way.
I've spent most of my life trying to prove that I could become somebody.
And now that I've become somebody, I sometimes wonder whether the people who matter most would rather I just came home.
I don't know the answer.
But I know someday, when my kids stop asking me to stay, I'm going to wish they still did.
The stakes are a lot smaller in real estate. But I've been watching people make those same kinds of trade-offs all week.
We had a seller get a full asking price offer.
In the spring, we probably would have thanked the buyer, finished out the weekend, and called for highest and best.
Not this time.
The seller looked at the offer, looked at the calendar, and said, "You know what? Let's take it."
Could they have gotten more? Maybe.
But they were willing to give up the possibility of a higher price for the certainty of getting the property sold and moving into next year without having to worry about it.
We've had other sellers accept offers a little below asking price for the same reason.
Not because they were desperate. They just decided that being done was worth more than squeezing out every last dollar.
And buyers are making their own trade-offs.
We're seeing buyers push harder on inspections. Asking for repairs, credits, and concessions. And if they don't get what they want, they're willing to walk.
Last spring, I watched buyers overlook things they probably shouldn't have because they were terrified of losing the property.
But here's what I find interesting.
I'm getting emails from buyers saying they think they should wait until spring.
Meanwhile, I'm meeting with buyers whose leases don't expire until April or May, and they're already looking.
Some are willing to break their leases if the right property comes along.
They know they might have to give up some money on a lease, but they're hoping to gain something they might not have in the spring.
Negotiating leverage.
Spring will probably bring more inventory. But it also typically brings more buyers, more competition, and less room to negotiate.
And we're actually seeing some new inventory come on the market right now. That's unusual for this time of year, but some sellers recognize that having fewer competing listings can work in their favor.
Still, there's a lot of pessimism out there.
Rates. Elections. Predictions about next year.
Everyone has a reason to wait.
And maybe waiting will work out for some of them.
But I also think some people are so focused on what might happen next spring that they're overlooking what's happening right now.
There's no perfect answer.
Spring will bring more options. It won't bring back October. |
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Buyer Demand: Demand picked up this week, which wasn't surprising. Last week's holiday and Chicago Marathon slowed activity, so we expected to see some buyers return.
Inventory: We saw a noticeable increase in new listings this week. A lot of sellers held off during the holiday and marathon weekend, so some of that inventory finally hit the market.
Mortgage Rates: Rates were relatively unchanged from last week. They're still one of the biggest deterrents for buyers in today's market.
Multiple Offers: About the same as last week. We're still seeing multiple bids on brand-new listings in the hotter neighborhoods, but not across the entire market.
Contracts: Contracts were up slightly from last week, likely helped by the increase in available inventory.
Price Changes: We saw a slew of price reductions this week. Properties that have been sitting for more than a month are increasingly seeing sellers adjust their expectations. |
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The Pockets Are About to Get Busy
We're only a few weeks away from the holiday season, and I think we're going to see a lot of properties start moving into the pockets. Sellers who've been sitting on the market for 30, 60, or 90 days are getting tired of waiting. A lot of them are going to say, "You know what? Let's just pull it and try again next year." But that doesn't mean they're not willing to sell. I also think starting November 1st, we're going to see more sellers skip the open market altogether. They'll quietly put their properties in the pockets, see if someone bites, and if not, wait until next year. So don't assume that because you're seeing less inventory online, there's nothing available. There's going to be stuff out there you just aren't seeing.
Here Comes the Holiday Buyer
Every November, we start seeing the holiday buyer show up. And these buyers are a little different. Let's be real. Nobody wants to spend their Thanksgiving weekend looking at properties unless they have a pretty good reason to be doing it. Some are relocating. Some have leases coming up. Others just want to get something done before the end of the year. We might see fewer showings as we get closer to the holidays, but that doesn't mean the buyers out there aren't serious. In fact, a lot of times, they're some of the most motivated buyers we see all year.
Some Sellers Are Going to Call It Quits. Others Are Going to Make Deals.
This is something I think we're going to see a lot more of over the next six weeks. Some sellers are going to throw in the towel. They're tired of showings, tired of keeping their place clean, and tired of wondering whether the next buyer is going to be the one. They'll pull it and wait until next year. But other sellers are going to look at the calendar and say, "I don't want to deal with this anymore. Let's get it sold." And those are the sellers buyers should be paying attention to. They might be more willing to negotiate on price, repairs, credits, or closing dates just to get the deal done. Not every seller is desperate. Far from it. But there's a big difference between a seller who wants to sell and a seller who's ready to make a deal. And I think we're going to see more of that as we get closer to Thanksgiving. |
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Single Family Homes
Not a ton of new inventory this week, and entry-level houses remain extremely competitive. Anything priced correctly is getting serious attention because buyers have so few options. The properties sitting are typically overpriced or need significant work. Luxury has softened, and we're seeing more sellers willing to negotiate rather than carry their properties into next year. Hardcore Seller's Market.
Lincoln Park, Lakeview, North Center, Roscoe Village
The entry-level market is an absolute shark feeding frenzy. There's virtually nothing available, and when something hits, buyers come running. Duplex downs and townhomes are also performing extremely well. The only real weakness is sellers trying to get peak spring prices or asking too much for dated properties. Buyers here aren't getting much of a break, even in the fall. Hardcore Seller's Market.
West Town, Wicker Park, Bucktown, Logan Square, Avondale
Entry-level properties continue to perform well, but we're seeing a noticeable difference in the duplex down market. Sellers trying to replicate spring pricing are finding themselves sitting longer than expected. There's still plenty of demand, but buyers aren't willing to stretch quite as far as they are in Lincoln Park or Lakeview. Sellers who adjust their expectations are finding success. Seller's Market.
Old Town
Walk-ups remain virtually untouchable, especially when priced correctly. Duplex downs and townhomes are attracting strong interest as well. The biggest divide continues to be between walk-ups and high-rises, particularly buildings without in-unit laundry. Buyers are willing to compete aggressively for the right property, but they're not willing to sacrifice the features they consider essential. Hardcore Seller's Market for Walk-Ups.
West Loop
Inventory came in waves this week, but price reductions were the bigger story. Rare townhomes and walk-ups with low HOAs are still attracting buyers. Much of the remaining inventory feels dated, picked over, or simply overpriced. Sellers who want to move before year-end are starting to recognize that holding out for yesterday's price might cost them today's buyer. Slight Buyer's Market.
South Loop
There's inventory, but not much that's getting buyers excited. A lot of what's available feels average, dated, or priced too aggressively. Buyers are looking for a reason to make a move, and right now that usually means value. Correctly priced properties are still selling in a reasonable amount of time, but luxury is extremely soft. Buyers willing to overlook a few imperfections may find opportunities here. Buyer's Market.
New East Side & The Loop
We're seeing more price changes than properties going under contract. Buyers are negotiating harder, including on inspection items, and sellers are having to make concessions to get deals across the finish line. Luxury continues to struggle the most, and even move-in ready properties aren't moving particularly quickly. Buyers have options, and they're using that leverage. Buyer's Market.
River North, Streeterville, Gold Coast
Seller motivation is becoming a bigger factor as the holidays approach. Price reductions are picking up, particularly among high-rises with expensive HOAs and dated interiors. Even move-in ready luxury properties aren't seeing exceptional demand. The right property can still sell, but buyers are increasingly selective. Sellers who want to be done before the end of the year may have to sacrifice some price to make that happen. Slight Buyer's Market.
The Big Picture:
Outskirts: It remains a seller’s market across all categories, Downtown Core: Is feeling more like a balanced market.
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Matt Laricy & Susana Mendoza on Chicago’s Mayoral Race | Laricy Live E214
Matt Laricy sits down with Susana Mendoza to discuss Chicago’s future, the potential mayoral race, property taxes, public safety, housing affordability, and the city’s biggest challenges. From the local economy to the issues impacting Chicago homeowners and businesses, this conversation explores the policies, leadership, and decisions that could shape the future of Chicago real estate and the city as a whole |
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Chicago Real Estate Market: The “Frightful Fall” Is Here | Laricy Live E213
Chicago real estate is entering what I’m calling the “Frightful Fall.” Higher mortgage rates, changing buyer demand, shifting inventory, and economic uncertainty are creating a very different market heading into the end of 2026. |
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