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REAL ESTATE 2020 | Covid-19, The Perfect Storm for Sellers by Penny O'Brien, Realtor



IT'S A SELLER'S MARKET, PRICED-RIGHT HOMES WITH LOW INTEREST RATES

Who knew that a global pandemic would produce the hottest seller's market in recent years? Coupled with historically low interest rates, buyers are snatching up priced-right homes, in good condition as soon as they hit the market. Sellers are often getting full price in multiple offers. Thinking of selling? Do it NOW!

In a normal housing market, the 4th of July weekend signals a slowdown of home sales. This year is anything but typical as inventory of homes for sale remains low. As the state continues to reopen, inventory levels of homes for sale could spike in the second half of the year. That would be a relief to buyers waiting with a low interest rate pre-approval in hand for that perfect home to hit the market.

Covid-19 is affecting the inventory of homes, but not prices. According to Infosparks, single family home prices in our MLS have increased 2.2% in the last 12 months. Illinois experienced 34% drop in closings May 2020 over May 2019. Closings in June were trending up as pending sales increase. Currently, purchase mortgage applications have reached an 11 year high and 30 year fixed reached an all-time low! This is according to MBA layered Purchase-Application Index. If you are considering entering the housing market, it is a great time to buy or sell!


ABOUT PENNY O'BRIEN

BAIRD & WARNER – One word that consistently comes to clients’ minds when they think of Penny O’Brien is “hustle.” As a Seller Representative Specialist, she loves meeting with sellers to discuss pre-market home improvements and guide them to make their home “showtime ready” when it hits the market. She strongly believes in professional staging and offers it as a complimentary service. With a reputation for “good-looking listings,” she helps clients realize a higher return and quicker sale. Penny says “Staging transforms a home from average to amazing”.


Penny O'Brien Broker, Relocation Specialist and

Negotiation Expert • (630) 207-7001 • penny.obrien@bairdwarner.com








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