The Coronavirus (COVID-19) has caused massive global uncertainty including how it will affect the US Housing Market. The National Association of Realtors (NAR) anticipates at the very least, the coronavirus could cause some people to put home sales on hold.
While the full impact on the Real Estate Industry in particular is still yet unknown, if you are planning to Buy or Sell a Home in Chicago this year, it is important to educate yourself so that you can take thoughtful and intentional next steps for your future. We enlisted two experts — top producing broker, Janet Owen of Berkshire Hathaway HomeServices Chicago and Millie Rosenbloom, a top realtor with Baird & Warner — to share their thoughts and predictions on the Chicago Real Estate Market this year.
An Article by Realtor Janet Owen
When asked to discuss the spring real estate market, I decided to talk about HOME and what our homes mean to us.
Home has never meant so much as it does now during this unprecedented time as we self-quarantine and follow the directives of “Shelter at Home” from the governor of our state.
There are so many hundreds of sayings about Home… “Home sweet home”, “Home is where the heart is”, “Be it ever so humble, there is no place like home”… even E.T. said “E.T. phone home” and Dorothy clicked her Ruby Slippers and said “There’s no place like home”… Home is truly where everyone wants to be.
Of course, this is a time for great opportunities for both buyers and sellers. If you are a buyer, I would highly suggest you contact a lender and become qualified and approved, and take advantage of the all-time low interest rates and, in some neighborhoods, high inventory. It’s a good time for sellers as well because potential buyers are staying home and looking for properties on the internet. As a result of the stock market, many people may decide to put their assets into a new home. I believe there will be pent up demand and buyers will be out in droves when this is over. While searching the internet, buyers can also take advantage of virtual tours. All of my listings are on all sites and have beautiful virtual tours and floor plans. You can always contact me directly for additional information.
When this is over, we will all emerge from our homes better and stronger. The real estate industry will go on as it always has after challenges in the past. Buyers will come out again and homes will sell. But for now, we need to follow the “Shelter at Home”, try to be comfortable, maybe take on a project and if possible, check on your neighbors and people who are home alone. Be kind, think of others, especially our first responders, but please just stay home.
Make the most of your time at home. It really is true, there is “no place like home”.
Beautiful Chicago Home for Sale: 999 N Lake Shore Drive #2A
Here’s a peek at one of Janet Owen’s beautiful listings, 999 North Lake Shore Drive, Residence 2A. It is a lovely home which is available now and able to view through the virtual tour link. Have a look… it truly feels like home!
A home which combines tasteful refined elegance and up to date functionality…There are lots of places in this home to curl up and get comfortable…
A beautiful completely renovated Kitchen/Family Room, the “Heart of the Home” with an Office and Dine-in area…
And brand new, up to date amenities to enjoy. Indeed a wonderful place to call home!
See link to property: https://tour.vht.com/433851294
A Note from Realtor Millie Rosenbloom
As of this moment, I am mostly anticipating that some sellers may be less likely to list their homes as planned, which could impact inventory levels this Spring. That said, it is important to remember that continued low rates and rising home values still create considerable opportunities for both buyers and sellers. Interest rates have hit new lows, at an average of 3.29% on a 30-year fixed-rate mortgage. Important fundamentals like the job market and income levels are still strong.
Millie’s advice to current sellers amidst the pandemic:
- “Temp Off Market Status:” There are a few different status options for properties on the market (“Active,” “Sold,” “Pending” being the most common), and “Temp Off Market” means exactly what it sounds like: the property is temporarily unavailable. The benefit of this status is that the property stops accumulating market time. The downside is that you obviously lose out on potentially interested buyers. My current advice is it is too soon to make the change to “Temp Off Market.” I would recommend waiting until we have more information.
- Stay the course: We are very much still getting deals done. Because real estate is an “essential service,” per the Governor’s “Stay-at-Home Order,” all of the moving pieces of closing deals are still in motion.
Millie’s advice to future sellers:
- Home features list: Spend some time making a thorough list of the highlights and upgrades you have made to your home. This will come in very handy when it is finally time to put together marketing.
- Paint and caulk: Spend your free time at home, freshening up any imperfections on your walls with paint and/or caulk.
- Declutter and rearrange: After spending so many additional hours at home, do you see new and better ways to arrange your furniture? Try it out! Sometimes simply moving a few pieces of furniture can make a room look larger! Also: declutter! Go through drawers and closets and get rid of anything non-essential. What better time, but now?
- Yard work: With the weather turning warmer, enjoy some time outside and clear out leaves and old debris to get ready for exterior photos.
Millie’s advice to current and future buyers:
- Get pre-approved: Once the market picks back up, having a pre-approval ready to go will be a total necessity. So interview a few lenders, find one you like, and get the paperwork out of the way now.
- Take virtual tours: Many listings have virtual tours available already. If not, have your broker contact the listing broker and see what they have. Videos are a great way to get a feel for a property.
- Neighborhood information: Baird & Warner has tons of great resources about all of Chicago’s neighborhoods. Read, watch videos and really figure out exactly where you want to head next.
Live in Luxury at 4 E. Elm, Unit 12S
Live in luxury at the less than 5-year-old intimate 4 E Elm building! This incredible unit offers a private elevator entry, expansive living and dining areas with beautiful floor to ceiling windows, 10 ft ceilings and gorgeous high-end finishes throughout. Featuring 3 bedrooms, 3 full baths, a powder room, with a large private balcony off the living and dining room with southwest city views. It offers 3 exposures throughout, west, south, and east! The building includes an outdoor pool, whirlpool, sun deck, fitness center, screening room, & clubhouse lounge.
Millie Rosenbloom is the official listing broker for this luxury condo. For more information, or to contact Millie directly, visit her website here.