To say that these are uncertain times is an understatement and you may be hesitant when considering entering the real estate market. We are living through a unique event in human history and it’s understandable if you’re apprehensive about what lies ahead during this period, should you need to buy or sell real estate. If you’re feeling a bit lost about how to proceed, you’ll find the following 6 things you should know about buying and selling in Chicago during coronavirus very helpful in the process.
One thing you should know about buying and selling in Chicago during coronavirus and the uncertainty in the economic outlook, those with the option to delay a move, are doing so for at least a few months. you’ll want to be aware that this means that while not necessarily true, there is a perception that the seller must be under economic or legal pressures, and being forced to sell, which has the potential of driving negotiations towards an overall lower final purchase price. Conversely, you should also know some buyers or sellers need to make their move quickly in Chicago during coronavirus. This could be due to changes in employment, be it either a move down or up, or due to personal issues such as caring for a family member in another location or any number of other reasons.
Home sales made a noticeable jump in July, as buyers are spending more time at home due to COVID-19, they are searching for more comfortable surroundings. Due to changes in the economy brought on by these highly unusual circumstances, credit has been widely affected negatively across all economic classes of the market. This means that less of the population will meet the standards that are required by most traditional lenders. For this reason, it’s important that you know about alternative financing options when you are either buying or selling in Chicago during coronavirus. Being open to creative financing on the part of both parties will widen the potential playing field for finding the right seller or buyer.
Another thing you should be aware of buying and selling in Chicago during coronavirus is how to keep safe during the process. it’s frightening to think that someone walking through your home could endanger you or your family members. Discuss with your real estate agent the steps that are being taken in order to prevent bringing someone showing signs of illness or with a fever wandering through your living space. You can prevent unnecessary contamination of common household surfaces during showings by requesting that your agent be the only person who touches any surface. Likewise, you can ask that all present wear protective gear. you’ll also need to ensure that you can rely on them to wipe down or spray any surface they or their client may have inadvertently touched.
Empty Is Golden
You should know there is value in the fact that a home has been sitting empty for those who are either buying or selling in Chicago during coronavirus. Having a quarantine period of at least two weeks alleviates concerns about disinfecting every nook and cranny of a home after a showing for the seller or before moving in if you’re the buyer.
Something else you should know about buying and selling in Chicago during coronavirus is that many sellers are requesting that only their agent show the home. Another way to keep a low total on the number of people who’ve actually been inside your home during the entire process is to ask that only two people per showing be allowed. While often the buyer’s agent is not in favor of this arrangement, special allowances must be made at this time.
Given the technology of today, you’ll also want to be aware of everything possible about the virtual pool of potential buyers or sellers, when buying and selling in Chicago. For the tech-savvy who want to go it on their own, while it may look easy, you’ll want to be certain that you keep within all of the local, state, and federal laws that govern real estate transactions. As always, you’ll need to investigate just who you’re accepting an offer from. Likewise, you’ll need to go into the process with your eyes wide open to the possibility of online scams. Before finalizing anything by signing on the bottom line, you’ll want to meet face to face with the players in your deal and have done very careful research of county records to ensure you’re actually dealing with the owner of the property in question.
Let Chicago Home Buyers help you quickly and safely through the process without all of the headaches and concerns. whether you’re buying or selling in Chicago during coronavirus. We are here to answer all of your questions and help you every step of the way! Send us a message or call Chicago Home Buyers at (312) 300-2043 today!