Press release
Chicago Home Buyers Undaunted by Pandemic StartingPoint Realty Reports Consistent Sales Activity
Most Chicago home buyers haven't allowed COVID-19 concerns to derail their home buying plans, according to recent observations by StartingPoint Realty. CEO Ryan Gable evaluated buyer activity during the past several weeks, and found that local home sales are doing better than people may have expected."Business is slower for this time of year, but Chicago home sales haven't fallen off a cliff, and yes, I was among those who thought that it would," says Gable. "As of March 21, we had about two dozen purchase contracts on the table. At the time I expected about half of them to fall through. But during the past few weeks, only two deals were canceled because of COVID-19 issues. The rest have either closed, or are on schedule to close."
As a broker specializing in first-time home buyers since 2004, Gable knows that buyer behavior is a bellwether for the market. So far, the glass is half-full.
"Buyers have adjusted to social distancing and safety protocols very well," confirms Gable. "They have been utilizing our home buying webinars and touring homes online and in-person. They remain very active in the market. In fact, we've written a number of new purchase offers during April, and about 13 of those are now under contract."
While some buyers have been sidelined by layoffs, Gable says that Chicago's pool of buyers is large enough to support the market. "In some areas, we still have more buyers than entry-level homes," Gable observes. "Mortgage interest rates are at all-time lows. The motivation to buy a home is still there. In these days of uncertainty, the urge to own a home may actually be stronger. Whether that holds true six months from now, we'll have to see."
StartingPoint Realty
1515 E Woodfield Road Suite 910
Schaumburg, IL 60173
Since 2004, StartingPoint Realty has specialized in helping first-time home buyers throughout Chicago and the suburbs. During social distancing, first-time home buyer webinars are available free online. For more information, call 847-348-1154 or
visit www.startingpointrealty.com.
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