2020 Chicago Real Estate Market Updates
Posted by Dominic Irpino on July 1, 2020
Although Real Estate has not stopped operating throughout the pandemic, now that the city is re-opening, things are really picking up. We wanted to give you a brief update on the state of the Chicago Real Estate Industry and fill you in on some of the new safety precautions we are taking to ensure we are keeping our clients health and safety a priority.
Open Houses Are Back…Safely
We’ve been doing many virtual open houses and virtual showings over the past 3 months, but Open Houses are now back with new procedures in place. We only allow 4 people in a property at a time and everyone must wear masks and maintain 6 feet apart.
Eager Buyers and Low Interest Rates
According to the latest FreddieMac Quarterly Forecast, mortgage interest rates have fallen to historically low levels this spring and they’re projected to remain low. This means there’s a huge incentive for buyers who are ready to purchase. And homeowners looking for eager buyers can take advantage of this opportune time to sell as well.
Lack of Inventory
Housing inventory is scarce – a nearly 20% year-over-year decline in available homes to purchase. If you are looking to buy, make sure you are working with a trusted real estate professional who will help put you in a position to act fast when you’re ready to make your move. If you are looking to sell, selling now before other sellers come to the market this Summer might put your house high on the list for many buyers.
All of these factors combined, make now a GREAT time to both Buy and Sell a Home in Chicago. If you are thinking of Buying or Selling a home this year, contact us today to see how we can help and what we do different than other Chicago Real Estate Brokerages.
Dominic Irpino, Managing Broker