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How Did Pandemic Lead to A Difficult Real Estate Market?

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How Did Pandemic Lead to A Difficult Real Estate Market?

The real estate market has been booming as a result of the epidemic. Houses are selling faster and for a higher price, with several bids. The market has slowed down. Homes frequently sell off the private listing network before officially being listed on the market. All of this creates ideal conditions for one half of the equation — the sellers. The present market might be a source of aggravation for purchasers.

Deborah Wess, a real estate broker with Coldwell Banker Residential Brokerage in Oak Park, says she sees it with her customers time and time again. Numerous offers on multiple residences may be required before an offer is accepted. She claims it has revolutionized the process of assisting customers in finding a new location to call home.

Sam Ageloff and his wife, Wess’ client, are migrating from Michigan to Oak Park, and he says the process has been difficult. “We anticipated a competitive market in Oak Park,” Ageloff said. According to Wess, the process’s pace has also changed. “We warn purchasers that they must be prepared to decide after seeing a property just once,” Wess added.

Even one in-person viewing isn’t always doable.

Wess shared the story of out-of-state clients who travelled from California to spend a week in Illinois looking for a new house. Some sellers are suspicious of out-of-state purchasers who can’t visit a home in person because they believe someone who hasn’t seen a home in person is more likely to back out of a deal later. Wess claims that convincing sellers that her clients will not back out of an offer have become a part of her work.

Wess has devised tactics to get vendors to consider her buyers seriously. Two examples are giving additional earnest money with a signed contract or offering more money than the asking price. To secure a property, Ageloff and his wife dropped their price range to be comfortable paying more than the asking price. They provided extra earnest money to demonstrate they were serious, although they were coming from out of state. They chose the third offer among a dozen others. The family is excited to relocate to Oak Park this summer.

Wess points out that buyers’ agents waive their right to inspection to close a sale in certain parts of the country. Still, she doesn’t see that occurring here since older housing stock often has more faults for an inspector to uncover. “At the very least for informative purposes, I always urge inspections,” Wess added. “You may tell the seller you’re not going to ask for credits, but you shouldn’t skip the inspection.”

According to Steve Scheuring of Compass, the present market is the worst for buyers. He attributes much of this to a shortage of inventory, noting that a recent search of single-family houses for sale in Oak Park in the $300,000 to $700,000 price range turned up 30 results. Only seven of the thirty were new to the market.

The post How Did Pandemic Lead to A Difficult Real Estate Market? appeared first on FinanceBrokerage.

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