The global pandemic has taken a heavy toll on businesses, especially the real estate market in Chicago, Illinois. However, according to Research.com’s director of economic research, Javier Vivas, there is a growth in online home searchers, and asking prices have surpassed pre-COVID levels, but movement in supply and the time on the market, remains below seasonal pace.
Chicago Agent Magazine said that Chicago’s housing market Recovery Index score grew 6% compared to last week, but remained significantly below the January 2020 baseline with a Recovery Index score of 87.3.
Nick Velicka of @properties maintains social distance by shifting to virtual meetings and FaceTime calls for someone looking for properties for sale in Chicago. A virtual tour online can be done so clients can also look at the home live. Many agents are also using Matterport which allows clients to explore a 3D simulation of a home using high-resolution photos being stitched together.
Some clients find virtual tours inadequate and prefer an actual walkthrough. Buyers get a chance to see a property in person if the home is vacant and the agent agrees to a walkthrough.
During an open house, both clients and real estate agents are required to wear face masks and gloves. A disclaimer stating that you are aware of the risk needs to be signed before entering homes. The State requires all real estate firms to follow guidelines and precautions. One of these precautions is limiting the number of people allowed in a unit at a time. There cannot be more than four people in the unit. Agents will only let one group in at a time, the remaining people will stand outside until let in. Paperworks can also be done via drive-up or a meeting outside the home.
For those people who are hoping to put their commercial properties for sale in Chicago, they can partner with seasoned and trusted brokers who know how to navigate the bumpy markets and not shy away from difficult situations. In the meantime, sellers can prepare their homes like decluttering, organizing, cleaning, or painting their homes to prepare it before selling.
The markets will continue to rise and fall due to health and economic concerns. As this continues, most of the rates are low making it a perfect time to purchase a home or invest in a commercial real estate in Chicago, Illinois.