Looking to sell your condo or single family home in Chicago right now?
Real estate is an essential service in Illinois, and the market is booming – but there are a few changes to home-buying behavior that you need to be aware of as you’re preparing to put your home on the market during the COVID outbreak.
Here are some things to consider:
1. Interest rates are at an all-time low and many buyers are in a hurry to lock in low rates. With schools and jobs in flux, people are facing uncertain circumstances, but buying a home with a low interest rate feels like a solid investment to people in the Chicago area. Expect decisive behavior in buyers.
2. The way people want to live has shifted dramatically, and tastes have changed. Because of social distancing, we are now spending much more time at home, and that has changed buyers’ needs when it comes to their homes.
In Chicago, people want outdoor spaces for socializing with friends during the warmer months, so patios, yards, and decks are appealing. Buyers also want flexible indoor spaces.
You can make your home more appealing to buyers by creating or highlighting “flex space” in your home that potential buyers will be able to picture using in a variety of ways. If you’re selling a luxury 4-bedroom condo, for example, you don’t need to show all 4 rooms as bedrooms. Help buyers picture how they can use different rooms for home gyms, offices, or study spaces for kids during online learning.
Things don’t need to be picture-perfect or camera-ready right now. Focus on turning your home into a space that really shows buyers how they can live there comfortably and meet all their needs during the pandemic.
3. Don’t worry about lingering market time. The stigma associated with a house being on the market for a long time has largely disappeared, so don’t worry if your home takes some time to sell.
Instead, consider the amount of showings you’re getting for your home. If you’ve only had 5 showings and they are spaced out over several weeks or months, that’s not as big of a problem as it used to be. If you have had 20 to 25 showings and your home still hasn’t sold, that may indicate some kind of disconnect and you may want to reevaluate.
4. Safety is first and foremost on buyers’ minds. Your potential buyers will be looking to minimize risk during their shopping process, and the KlopasStratton team will do everything we can to take every possible precaution.
We can facilitate virtual showings for buyers, and many potential buyers will use that option for home shopping. During in-person showings, everyone must wear a mask, in accordance with Illinois mask mandates. During warmer weather, we are still allowed to do open houses for potential buyers, and we will open windows for ventilation – but open houses may not be possible as the weather turns cooler.
Talk to KlopasStratton team today to find out how you can make your home more appealing to potential buyers right now – so you can sell quickly and get settled into a new space.