03/26/2020
🎉👍 There actually is some POSITIVE NEWS out there for Chicago area Homeowners, Homebuyers, Homesellers!
***First I want to say, do what you feel is right for you or your family. Always, keep your health and safety of yourself and others #1. We can, and we will beat this together!
I want to encourage all of you to take a look 👀 at the FACTS; please DON’T buy into the FEAR regarding the COVID-19 and possible negative effects on the housing market‼️
Call or text Paul at 777-914-0023 for specific questions about your home sale or purchase. I have sold successfully through the aftermath of the 1987 stock market crash, the internet bubble, 2008 to 2011 market crash and have sold MANY more homes than the vast majority of other agents. Always happy to help you get results!
FACTS:
âś… 40% of all homes in America are owned FREE & CLEAR
âś… Of the remaining homes in America that are mortgaged, the median Loan-to-Value (LTV) is less than 50%
âś… The current Price to Rent ratio is 17 (meaning the current price of a home is 17 times the cost of the annual rent for that same home)
The average Price to Rent ratio over the past 40 years is 16.2
The Price to Rent ratio at the peak of the housing market when the bubble burst was 24
âś…Rates are at historic LOWS, thus increasing your purchase power
âś…There is VERY low housing inventory levels, not an over supply. Housing prices will largely not be negatively affected by this current economic state.
âś…The fundamentals of the housing market have been VERY healthy and strong. There is no "bubble."
SO CAN PEOPLE STILL BUY/SELL HOUSES NOW???
đź’ŻYes!!
âś…Narrated, and LIVE interactive Virtual Tours
âś…Approximately 50% of people surveyed have either purchased a home without ever seeing it in person first or said they would.
âś…E-Signing of all documents, offers, contracts, and disclosures
âś…Many home inspections are still occurring and are taking precautions to protect the health of all parties
âś…E-Document Signing for loan documents and....
âś…Curbside closings at many attorney and title company offices
âś…Financial Institutions are deemed an "Essential Service" to include everything surrounding the loan and closing process.
âś… Fannie Mae and Freddie Mac will temporarily allow for "desktop reviews" and exterior only appraisals on the majority of loan types
âś… Fannie and Freddie Mac will temporarily allow verbal verification of employment on the majority of loan types.
âś… Federal Reserve announced it would buy virtually an unlimited amount of mortgage backed securities to ensure rates stay low.
👉 IN CONCLUSION...
The sky isn't falling in the housing market. People ARE STILL buying and selling homes and making investments in Chicago area Real Estate for the long haul. Housing provides shelter. There’s lots of opportunity in the housing market right now with slightly fewer bidding wars.
Get out there (virtually...) and take advantage‼️ Go seize the day