NotIThatLives Posted March 21, 2020 Report Share Posted March 21, 2020 I mentioned in my DIY projects post that I may sell very very soon, corona pending. I'm of the belief that this will go away, almost as quickly as it came and the ecomony will make a big rebound, hoping by June, things will be almost normal again. I've spoken to a few different realtor friends, they seem a little confident but one said the Realtors Association put out no more showing houses in person, virtual tours only for the time being. My appraiser seems to think things won't slow down a ton, people will still be looking online ALOT, if not more. If we do a federal shut down, then I want to be ready as things ease up. So what's everyone's thoughts? Is anyone in the market? Is anyone buying or selling? If you are a realtor, how is it effecting you? Link to comment Share on other sites More sharing options...
Reacher Posted March 21, 2020 Report Share Posted March 21, 2020 My brother is a realtor in the Chicago suburbs. He's said he's busy. I think low rates started the spring season off early. I could see there being some foreclosures and lower prices later in the year as there will be some distressed sellers. Link to comment Share on other sites More sharing options...
milehiiu Posted March 22, 2020 Report Share Posted March 22, 2020 I have rental properties. I have no intention of selling. Additionally : Real Estate Industry Still Hot Even As Coronavirus Cases Increase In Colorado – CBS Denver Link to comment Share on other sites More sharing options...
Seeking6 Posted March 22, 2020 Report Share Posted March 22, 2020 13 hours ago, NotIThatLives said: I mentioned in my DIY projects post that I may sell very very soon, corona pending. I'm of the belief that this will go away, almost as quickly as it came and the ecomony will make a big rebound, hoping by June, things will be almost normal again. I've spoken to a few different realtor friends, they seem a little confident but one said the Realtors Association put out no more showing houses in person, virtual tours only for the time being. My appraiser seems to think things won't slow down a ton, people will still be looking online ALOT, if not more. If we do a federal shut down, then I want to be ready as things ease up. So what's everyone's thoughts? Is anyone in the market? Is anyone buying or selling? If you are a realtor, how is it effecting you? I dabble here and there on flips/rentals and have yet to see any impact here in Indy/Northside. I'm sure there will be some sort of impact during these extraordinary times....but with interest rates going lower I expect to continue to be a very strong real estate market here in my area. That's here though. Some of my friends in Chicago Burbs have taken a pretty big hit on property values. Link to comment Share on other sites More sharing options...
Reacher Posted March 22, 2020 Report Share Posted March 22, 2020 The Chicago area is really local. Whether you are low, mid, or high priced and what area /town/County you are in seems like it has a magnified effect here. In general, appreciation here is well below the national average Link to comment Share on other sites More sharing options...
IUFLA Posted March 22, 2020 Report Share Posted March 22, 2020 35 minutes ago, Reacher said: The Chicago area is really local. Whether you are low, mid, or high priced and what area /town/County you are in seems like it has a magnified effect here. In general, appreciation here is well below the national average My brother in law does some real estate (he was a contractor with 5 crews, but that kinda went South around 2010, so he got his realtor's license...does a little of both now) in the Darien/Hinsdale area...he'll tell you the same thing...almost neighborhood to neighborhood the market can be very tricky... A lot of it, in his view, are how the school districts drawn...when we first moved there in 2001, our kids went to Nequa Valley, then Wabonsie Valley...both pretty good schools...but the abutting Aurora school district was a mess... Link to comment Share on other sites More sharing options...
Reacher Posted March 22, 2020 Report Share Posted March 22, 2020 Small world. I grew up in Naperville. Went to NCHS. Have a brother-in-law that teaches at Nequa. I think when they built that school it was the most expensive HS ever built in IL. Cook County business taxes have went up a lot recently really hurting commercial property values. I've heard of people losing $100k+ on a home due to falling values. Your Hinsdales and Napervilles will hold up good especially at the lower prices ranges when there is constant demand. Upper end stuff isn't doing as well as those are the people who can afford to move out of the state. Link to comment Share on other sites More sharing options...
rogue3542 Posted March 22, 2020 Report Share Posted March 22, 2020 I build and rehab houses in Indy (mostly build these days though). I anticipate the real estate market will take a nose dive for about a month, but if we get over the hump within a month or two and things start going back to normal, the summer market will be nuts, particularly with people wanting to move before school starts or the election happens (it always slows the market for whatever reason). Indy is pretty much the opposite of what you're experiencing in the Chicago suburbs. North of Indy and neighborhoods in the city itself are seeing massive appreciation and growth. Fountain Square, Bates Hendricks, and the near North side along college avenue are particularly robust, as is Westfield (but it's mostly tract builders up here). Link to comment Share on other sites More sharing options...
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