CHICAGO HOUSING MARKET STATUS…DURING CORONAVIRUS

QUICK REAL ESTATE MARKET UPDATE…FROM AN AGENTS PERSPECTIVE

Many of my friends are asking me “What’s going on in the Chicago real estate market?” Well, the short answer…lies ahead. And this is from my perspective, as a Real Estate Agent.

I’ve notice new listings still hitting the market. Many Agents have special notes for occupied homes, but continue to show with caution. Vacant homes are easy to show…and most agents provide sanitary materials onsite.

Closings have continued…but with new streamlined procedures. Many Title Companies now offer “drive by closings” or ask that only the Buyer/Attorney attend. Some Agents are doing facetime to make a fun experience for their client’s. Funds are being wired vs check distribution, along with wires for buyer down payments. In my opinion, this is actually an IMPROVEMENT! Hoping this catches on forever:)

Some seller’s are holding off listing their homes. However, this may be missed opportunities, since buyers are still out with few choices. Supply and Demand is essential in real estate, so Sellers actually have a better chance of selling before more homes hit the market.

Homes are still SELLING! Yes, you heard that right. As I track the market, many homes that may have been sitting on the market before, are now under contract. Remember…some Buyers HAVE TO BUY…so they are moving forward with their lives.

Moving Companies are still assisting new homeowners get into their new homes. I’ve seen moving trucks in front of homes, and my recent closings had buyers moving in same day of closing.

Appraiser’s have also adjusted well and some banks are even doing “Drive By”appraisals. On my recent sales, Appraiser’s actually showed up as scheduled! Thanks to the hardworking Appraiser’s…who are also Essential Worker’s.

Agents have adjusted to the times, doing virtual tours and facetime with client’s who may not want to visit homes. Thank goodness for technology!

Open Houses have been put on hold….but many Agents have begun VIRTUAL OPEN HOUSES. This appears to be the new normal and works well…let’s see how many homes can go to virtual buying moving forward! This would be exciting:)

BOTTOMLINE….while the real estate industry has its challenges, the speed of adjusting to our new world has been AMAZING! Thanks to the quick thinking of Brokerage Firms, Brokers, Mortgage Companies, Appraisers, Inspector’s and Title Companies.

As the saying goes “Real Estate Never Sleeps”….this has never been so true!

Stay safe…Keep Your Head Up…and remember…this too shall pass.