REAL ESTATE 2020 | Home Buying Is a Frenzy! by Penny O'Brien, Realtor

THE HOUSING MARKET CONTINUES TO SURGE IN SPITE OF COVID-19

Home buying traffic & homes under contract was up an average of 60% over 2019 for the last 4 weeks (week ending September 27, 2020) in our Northern IL MLS according to Midwest Real Estate Data. The housing market continues to surge in spite of COVID. Realtor.com's Housing Recovery Index indicates that the housing market started out strong in 2020 but plummeted in March when pandemic hit. Recovery began in May. The housing market is still gaining momentum and is dramatically outpacing last year. This is a great time to list your home to get the best price with the most favorable terms!

How will this heated presidential election affect the housing market? In a non-presidential election year, there is a -9% decrease in sales for November over October. In an election year, that drops even farther to -15%. This is a result of temporary cautiousness. As consumer confidence rebounds so will the housing market!

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