With COVID-19 still upon us, the real estate market, like nearly any other market, is continuing to feel the effects. This is especially true in such a large real estate market like Chicago and its surrounding suburbs.
Right now, the real estate market is low in inventory and national home price averages are higher than ever. Homes are flying off of the market and our real estate agents in Rockford, IL have been busier than ever. On the other hand, high-rise buildings in cities like Chicago and New York are seeing vacancy rates like never before due to people flocking to cheaper areas.
Buyers know that the future of their workplace likely reflects a hybrid model - both working from home and going into the office will be commonplace as the world recovers from the virus. Having a space of your own to call home is more important than ever, and buyers know that with more space in the suburbs, this is a good place to invest. Even a vaccine won't eliminate the demand for a home that has a yard.
Mortgage rates are continuing to break their own all-time-low records, but even the announcement of a promising vaccine has the potential to reverse this decline. It's impossible to say for certain how mortgage rates will change as the result of a vaccine; some analysts point to a "V-shaped" recovery that would have rates going back up soon after the vaccine comes out
With so much change continuing to take place, change is the only constant to rely on. Regardless of how the vaccine plays out, our team at Berkshire Hathaway HomeServices Crosby Starck Real Estate will guide you in the right direction to find you a great home at a competitive price.
Get in touch with us today, we look forward to helping you find your next property!