How Do Current COVID-19 Restrictions Impact Your Real Estate Transaction?

For the past few months, it seems as though everything in the world has been on hold due to COVID-19. Though much of the country is beginning to open back up, many restrictions remain in place. The real estate market is one that is greatly impacted by these changes and regulations. If you are looking to either buy or sell a house in the coming months, there are a few essential aspects of the transaction to know before you begin.

Vendors Are More Remote

First and foremost, it is important to note that all necessary vendors in a real estate market, from the mortgage company to the attorneys, have been deemed essential in the state of Illinois, so you do not need to worry that you won't have all necessary resources available to you throughout the process. While all of these are in full operation, their work may look a little different than they did originally. With the exception of the real estate agent and inspector, most of these matters will be handled remotely, as many workers have not returned to their offices yet- However, everything that needs to be completed can be achieved via phone and email

Viewings Have More Regulations

While real estate agents are still permitted to show houses, these viewings might look a little different than they did before. Many refuse to show their home to anyone who is not a serious buyer. This means that anyone viewing the house must be pre-approved for a home in that range, and also have interest in that house specifically, and not just the market in general. Many are first participating in online viewings to get a feel of the house to determine whether or not they want to move forward with the process. In addition, extreme hygienic means are in place for those viewing the houses. Potential buyers must wear masks and gloves, and they are not permitted to touch anything in the house including opening closed doors and windows.

The Market Looks Different- But That Might Work in Your Favor

Currently, interest rates are lower than usual, which is encouraging many who were thinking of buying or selling in the next year or two, to jump on the opportunity sooner to take advantage of the market. This fills the marketing place with rushed opportunities which provides the chance for negotiations and ultimately great deals. With the market as it is with current conditions due to COVID-19, there is great opportunity for both buyer and seller

If you are looking to buy or sell a home, but don’t know how to navigate the current barriers in the market with COVID-19, contact Gurney Law Group for a real estate attorney today. Our Chicago real estate attorneys are experts in the field, and they are trained and experienced to ensure that your best interests are taken care of throughout the entire process.    

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