When will Chicago home buyers and sellers flock back to the housing market?
It’s certain that the COVID-19 pandemic will impact the residential real estate market, in Chicago and across the country, as buyers and sellers put their housing plans on hold to wait out the health crisis.
But in a bit of hopeful news, a new survey from the National Association of REALTORS® finds that most REALTORS® believe that both buyers and sellers will return to the housing market once the COVID-19 crisis passes.
According to the survey, 59 percent of association members said that buyers are delaying home purchases for two to three months. And 57 percent said that sellers are doing the same.
That might sound like troubling news. If you’re selling a home, you’re not happy that many buyers are leaving the market for two months at least. But the good news is that Association doesn’t expect buyers to leave for an even longer period. The hope now is that once COVID-19 is under control, buyers and sellers will jump back into the Chicago housing market — and others across the country — in full force.
The other results from the survey aren’t overly surprising: 90 percent of Association members said that buyer interest has declined because of the pandemic, while 80 percent of members said there has been a decline in the number of homes going on the market.
More surprising is that 72 percent of association members said that sellers have not reduced their asking prices to attract buyers. However, 63 percent of members said that buyers are expecting home prices to dip.
If you’re ready to sell, make sure to work with a REALTOR® who knows your market. This professional can help you set the right asking price for your Chicago condo or single-family home. They can also help you stage your home and attract the greatest number of potential buyers. In today’s environment, you’ll need the help of a seasoned expert.