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J. Chie, Esquire

Our law firm provides legal work for real estate closings for over 30 years… What distinguishes Chicago Commercial Appraisal Group from other appraisers is the level of thoroughness and details.

A. Raila, Senior Tax Analyst

Gary is a hands-on professional always willing to pick up the phone and work with you... His appraisal firm produces one of the best real estate forecasting reports in the state. I highly recommend his work and his opinion is highly recognized by governmental agencies.

J. Norris, Property Tax Attorney

As an attorney, we deal with many appraisal reports used in tax appraisals. Gary's work has proven successful for our clients and I do not hesitate recommending him for tax assessment appeal appraisals.

C. Noone, property owner

I needed an appraisal for settling an estate. Mr. Peterson was very professional, punctual and helpful with the process. I received my report ina timely manner. I would certainly recommend this company, as well as use their services in the future.

J. Tsiaousis

Gary is one of the top commercial appraisers in Chicago. Every time I have a client in need of a commercial appraiser I refer all work to him without hesitation.

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Buying A House? Wait Until 2026

If you are looking to buy a house you may want to wait until 2026. Home sellers would probably be wise to sell before 2026.  Likewise, if you are looking to downsize, it would be to your economic advantage to do it sooner rather than later. The reason, of course, is the outsized impact of the baby boomer generation. 

Many have heard the statistics that 10,000 boomers a day are hitting the age of 65 in the United States and have been for several years now. A 2018 study by Fannie Mae’s Economic & Strategic Research Group predicts that baby boomers exiting the market either to retirement homes or rentals will create a slow-moving tidal wave of housing supply. They predict (as reported in the WSJ, October 12, 2018 edition) that demand from millennials and Generation X will probably not be strong enough to offset the sell-off which will create a huge buyer’s market.

Approximately 14.6 million Americans age 65 or older are expected to exit the housing market between 2026 and 2036 which reflects an increase of at least 42% over the number in that age group who exited between 2006 and 2016.  Thirty-two million homes are currently owned by baby boomers which account for 2 out of every 5 homeowners in the United States.

Baby boomers have also frequently traded up to larger houses over the years and there may not be a sufficient supply of millennials that need these larger homes since they have younger families or are just entering the housing market. Larger homes could be at particular risk.  My wife and I downsized a couple of years ago and this was certainly in the back of my mind when we did it. 

Market dynamics can change very quickly when the mindset moves from homes as a potentially appreciating assets to one that could be dropping in value.  No one wants to take a mortgage on a property that may go down in value which could potentially drop demand even more.

Frequently, prophecies of doom and gloom do not materialize but if you’re looking to hedge your bets on one of your most important assets, demographic trends are something to consider.

Gary Peterson, MAI, MBA


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