A lot can happen in a month. In February, the Chicago real estate market was gearing up for a busy spring, with median home prices showing a 6.6% increase from a year ago. But during March, optimism faded as the spread of COVID-19 disrupted everything.
At the time of this writing, no one knows when our lives will be back to normal. Our hearts go out to everyone affected by this pandemic. Our gratitude goes out to everyone who is working on the front lines, from healthcare, to first responders to essential employees and volunteers.
Real estate has been deemed an essential business, and we are here to do our part. Homes are still being bought and sold. We have enacted a number of practices to keep everyone as safe as possible. Even our first-time home buyer seminars are now online as free webinars!
We are also paying close attention to the fast-changing market conditions in the Chicago area. Transactions already under contract are moving along. But some home sellers have pulled listings from the market out of an abundance of caution. The ranks of home buyers have thinned due to economic upheavals.
Some home buyers could be affected by fresh changes in mortgage qualifying rules. Banks and mortgage companies, who are fearing loan defaults down the road, are starting to raise the bar on credit requirements. This includes requiring higher credit scores, higher down payments and leaner debt-to-income ratios.
Taken as a whole, home prices might soften, but mortgage loans could become harder to get. We’ll share more information in future blog posts! In the meantime, please contact us for the latest home price trends, newest listings and referrals to top mortgage lenders.
StartingPoint Realty – your first-time home buyer specialists!
StartingPoint Realty proudly serves first-time home buyers throughout the Chicago area. Learn about home buying by attending our free home buying webinar! There’s no sales pressure and no obligation. Please register for the date and time of your choice!
Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
Become a StartingPoint Realty Facebook Fan
Follow StartingPoint Realty on Twitter