I have more than a decade of experience in real estate and I honestly had no idea how the industry would be impacted when COVID-19 hit. I had several concerns at the start of the pandemic. Here are the five things that took me by surprise.
- The first thing I wondered was, “Are people really going to be selling or buying a house during all of this?” I was shocked that the answer is yes! Houses are flying off the market right now like never before. Some even being sold within 24 hours of being listed.
- The second thing I wondered was, “Will I be able to do open houses and physically show properties?” Yes again! Brokers are going the extra mile to make sure that everyone involved in the selling or buying process can stay safe. Brokers are taking the needed measures to keep you protected while on the hunt. We are vigilant about wearing our masks, washing our hands and keeping a safe distance as well as making sure all our open houses are properly sterilized and cleaned before showings. Of course, virtual tours are the perfect way to get your search started. You will be impressed when you see how far virtual tours have come. It’s almost like you’re walking through the property yourself.
- The third thing I wondered was, “How will this affect interest rates?” To my surprise, interest rates are at an all-time low as the government seeks to encourage people to own their own property and to pump money into the mortgage finance system.
- The fourth thing I wondered was, “Will everyone move out of the city? Are most people going to want homes in rural area?’ Definitely not! Even with COVID-19 in the picture, there are many people in the market for homes in the Chicago area.
- Which brings us to our final concern: “Would this cause the prices to plummet? Would this be a terrible time to try to sell?” The answer to both is a resounding “No!” As I stated at the beginning of this article, the market is thriving! This is turning out to be an excellent year to sell property. We don’t know the outlook for 2021, but we encourage you to not let fear play a part in your real estate decisions.
Wishing you and your family all the best during these trying times.