COVID-19 worries having minor impact on housing market so far - The MG Group | Chicago Real Estate

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Concerns over the COVID-19 virus have caused communities to close schools, major sports leagues to suspend their seasons and governors across the country — including in Chicago — to call for an end of large-scale gatherings, all efforts to help stop the spread of the virus.

Not surprisingly, then, the COVID-19 virus — commonly known as the Coronavirus — has impacted the housing market, too.

A recent story by the National Association of REALTORS focused on one of these changes: the way home sellers have adapted the way they are showing their homes to possible buyers.

According to the story, about a quarter of real estate professionals surveyed by the association said their sellers are taking extra precautions when showing their homes. This includes putting a halt to open houses and requiring buyers to wash their hands or use hand sanitizer when touring their homes.

Other sellers are asking buyers to remove their shoes or wear footies when looking at their homes, the association said.

The virus is having a mixed impact on the nation’s housing market so far, the association reported. According to its research, the number of buyers touring homes is dipping slightly. But many other buyers are still searching for homes, inspired by the record-low mortgage interest rates now in effect, the association said.

What should you do if you are selling a condo or single-family home in Chicago? Your best move is to work closely with your REALTOR to devise a plan for dealing with health concerns. There isn’t a reason to cancel home showings. People are still out looking for homes, and you don’t want to miss this opportunity to get the best possible price for your property. Remember, those low interest rates make this a great time to buy, and sell, a home in Chicago.