Quick Takes

Inflation may be a concern for Americans in 2022, according to Lawrence Yun, chief economist of the National Association of REALTORS®, but even if mortgage rates, energy prices, rents and costs of consumer goods go up, the value of real estate generally seems safe.

Looking back at high inflationary periods in American history, such as the 1970s and 1980s, Yun says home prices tended to outpace inflation. In the 1970s, the Consumer Price Index averaged 7.1 percent annually, while home prices averaged 9.9 percent. In the 1980s, the CPI was 5.5 percent and home prices averaged 5.6 percent, he said. Other decades showed similar patterns.

“Therefore, for those concerned about the loss in purchasing power of money and savings, be assured that real estate has proven to be a good hedge against inflation,” Yun said. For more information, go to: bit.ly/InflationAndRealEstate

The average homeowner’s tenure in a home, according to NAR’s 2021 Profile of Home Buyers and Sellers. It dropped from 10 years the year before, the largest year-over-year decline in the history of the data set, NAR reported. bit.ly/HomeTenure

Chicago REALTOR® Mabél Guzmán, Coldwell Banker Realty, testified virtually before a committee of the Illinois House of Representatives in November, advocating for homeownership as a means of wealth building and to reinforce the importance of making the American Dream of homeownership available to all. You might see more periwinkle blue used in interior design elements and accents this year. Pantone has chosen Very Peri, a blue with violet-red undertones as its color of the year.

As 2022 Illinois REALTORS® Special Committee Board Liaison, Nykea Pippion McGriff will coordinate with leadership and the chairs and vice chairs of the Commercial and Property Management Committee, Affordable Housing and Community Involvement Committee and Local Government Affairs Committee. Pippion McGriff is vice president of brokerage services at Coldwell Banker Realty in Chicago.

Illinois REALTORS® 2021 President Sue Miller recognized REALTORS® Tommy Choi, Matt Difanis, Lutalo McGee, Michael D. Oldenettel, Mike Scobey, Ginger Sreenan and Rebecca Thomson with Presidential Medallions for their outstanding service to the association during 2021.

Tommy Choi Matt Difanis Lutalo McGee Michael D. Oldenettel

In response to the tragic 2021 condo collapse in South Florida, Fannie Mae has implemented new guidelines aimed at blocking the purchase of mortgage loans in condos and co-ops with five or more attached units if there is significant deferred maintenance that affects the building’s safety. Read more: