Schaumburg Market Questions while under Quarantine

Most people that I talk with are concerned about how COVID-19 is effecting real estate. Will values stay the same? Will they decline?

Honestly at this time, I cannot look into my crystal ball & get a clear answer. I can tell you what I have noticed so far with as many numbers or trends as I can gather for you. Before your eyes glaze over when I mention numbers, I'll be sure to explain how they will affect you.

Just a disclaimer that real estate is a funny creature. One subdivision or town might be effected harshly & others will be fine. This is the way of the world so this report is a generality.

New construction housing starts are still moving along until the interior work needs to be done & social distancing has to take effect. It will delay closings which will cause even more pent up demand. Builders are closing homes but just in a new way in a new order.

Now in our Schaumburg Market I have found that during Week 1 of the Shelter in Place Order, we were going along pretty well with a total of 277 showings per week. This is for all Schaumburg housing types.
We were still deciding how showings should proceed - masks? gloves? What needed to be required for all to feel safe.
 
During Week 2 our showings dropped 28.16% which is noticeable.

Week 3 we are now in the swing of things on how to proceed, safety for all involved & get those buyers in the door if sellers permit.  Showings dropped 36.47% from Week 1

Week 4 showings are down only 9.75% from Week 1 which gives an idea that we are again showing homes. During these last 2 weeks there have been multiple offers on everything that I have showin my buyers. It's not that people have taken their homes off the market - there just aren't enough homes to buy pandemic or not.

So in conclusion, the market is still moving forward we just have to do things in a different way. Closings are not attended by anyone in the same room or attorneys are explaining documents virtually. There is no more shaking hands at the table!  It will be the 'new way' & we will have to adjust to everything that gets thrown at us.

If you are thinking of selling, let's have a discussion on how to proceed. I'll be thorough as to what the process will be to allay any fears you have.

If you are a buyer it's best to get out there as interest rates are as low as they are going to go. You'll have to move fast & I can help you set up a strategy to do just that.