Housing Inventory Hits an All-Time Low

June 2020

By Diane Cote, BNAR CEO

Housing Inventory Hits an All-Time Low
It is a great time to sell! Housing inventory is at an all-time low, 40% less than this time last year. Homes within a certain price range are selling quickly, with multiple offers, and in hours of being listed. There was an inventory shortage before COVID-19. Sellers have been holding back from putting their homes on the market due to the pandemic, which has caused the shortage to become greater.

REALTORS® are leveraging technology and new tools to service their clients safely. That translates into creating virtual tours using 3D technology for listings so buyers can virtually “walk through a home”, video conferencing for buying and listing clients, and paperwork is handled through emails with digital signature capabilities.

Coming into “Restore Illinois Phase 3” starting May 29, 2020, REALTORS® will be able to hold physical open houses if the seller is comfortable with it. They will fol-low the guidelines set forth in phase 3 to ensure the safety of their client’s, which includes limiting groups to ten people or less (including owners and brokers who might be present in the property), social distancing where possible, with face coverings where social distancing can’t be observed and frequent cleaning.

The “Shelter in Place” caused many property owners to purge, organize, paint and update. In addition, all this time at home has caused people to think about moving. The properties are ready and so is the market. Contact a REALTOR® today while rates and inventory are low!

 

To see this article in the July 2020 edition of the Limited, click here.