We are currently living in a time that is both confusing and worrisome to us all. All aspects of our day-to-day lives are effected by surfacing and uncertainty of COVID-19. It is hard to say what “normal life” will look like, let alone will resume within the coming months. Looking at the real estate market, like so many, it has been negatively impressed by the virus.
Within the past months, contracts and listings for properties within the Chicagoland area have plummeted around 65%. Looking into the statistics of different types of properties are as follows: attached homes are seeing listings lowered around 47% and detached homes are down 37%, in comparison to 2019. Between the two, contracts have lowered to more than 80%.
Financial security is a top worry for many during this pandemic.
Potential buyers have halted and even cancelled their search for their dream property during this time for that reason. Sellers are holding off on listings due to this effect as well. Agents are heavily relying on virtual meetings to connect with their clients in ways such as FaceTime, Zoom, Skype, etc. One takeaway from this current day and age is the heavily dependence on technology to get us through all forms of communication with one another.
As a community and society overall, all we can currently do is come together and work towards the best practices we are told. Cooperatively practicing social distancing, wearing protective gear, and being as positive as we can are three important factors to get us through this time and back to a normal life once again. Hoping that soon we may be able to get back to what we know and are comfortable. Thus leading the markets hit the hardest to see a light at the end of the tunnel and a rise back to where they once were.