Impact of Illinois Shelter at Home on Illinois Homeowners

Dated: April 5 2020

Views: 299

The wide-reaching impact of the COVID-19 pandemic has hit all of us in many ways, from sheltering at home to the strain on our medical heroes to worries about health for ourselves and our loved ones to the strain on our economy. While most of those concerns fall out of our expertise, we can help address questions about the potential impact on the housing market. 

You've heard it over and over again these past few weeks. This is an unprecedented situation. And that applies here, too. We do not know exactly how the COVID-19 pandemic and related shelter-at-home order will impact the housing market. We can tell you what we see so far. We can discuss choices that may be best for you and your family, your unique situation, and your investment in your home. We wish we had a crystal ball to predict the future, but even in more predictable times, the housing decisions that work best for you and your family can vary wildly from the choices that are best for others. 

As with most industries at this time, the real estate industry is changing daily and sometimes even moment by moment. Please contact your real estate agent for updated information. Whether your home is currently listed, you're interested in listing your home, you're ready to close on a home, or you are simply curious about the state of the housing industry, communication with your real estate agent is key. 

Spring Market

When the pandemic began to affect our day-to-day lives, the real estate industry was in the midst of a healthy spring market, one that kicked into gear earlier than usual. The Illinois shelter at home order coinciding with the typically strongest season for the real estate market is just another unprecedented event associated with the pandemic. We would like to believe that the spring market will pick up where it left off when the dangers of the pandemic ease. However, we recognize that many factors impact the future of the real estate market, including determinations about which industries are considered essential. 

Essential

Illinois has deemed real estate an essential service. Therefore, home sales currently in progress may proceed depending on the availability and willingness of all the parties involved. For homeowners who need to continue with a home sale or purchase due to shelter needs, financial requirements, or other reasons, they are legally allowed to continue in the real estate process. 

Factors

The real estate industry depends on more than just real estate agents to conduct their business. Several factors affect the supply of homes on the market, the demand for homes, and the ability to complete transactions. These include:

  • Buyer and seller adherence to shelter-at-home order.
  • Unknown impact on the economy and personal financial situations.
  • Varying availability of professionals also involved in real estate transactions. 
    • Mortgage brokers
    • Inspectors
    • Appraisers
    • Moving companies
    • Government personnel (transfer stamp purchases, court needs)
    • Title employees
  • Availability of virtual real estate options, including virtual tours/open houses, e-signing, mobile notary services, and more. 

Despite these factors, your LW Reedy agent will continue to ensure that your home buying or selling experience goes as smoothly as possible. Your agent is as dedicated now as they were when the process started.

Your Family

While a crystal ball would be a helpful tool to have these days, we are fortunate to be able to rely on our almost 70 years in real estate and over 90 agents to help us navigate during these unusual circumstances. Those agents are part of our family. Our clients are, as well. How does this pandemic impact your family's investment in their home? What should you do about a home sale or purchase you had been considering? Those answers depend on your personal situation, and we would like to help.

Contact your LW Reedy agent today. We will provide information and advice so you can determine what's best for you and your family. 

At LW Reedy, we say that our commitment will move you. During this difficult time, we hope you'll give us an opportunity to show you exactly what that means.

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