Hi,
I am planning to buy a property (first-time buyer) in Chicago
suburbs, and few things that we have observed are that despite Covid-19
impact on the economy.
- housing prices are very much the same as last year
- # of properties available in the market are a little limited
- sales cycle time (from coming to the market to going to contingent)
is relatively short. e.g., houses that we were following were gone
within a few days.
Online-experts suggest the housing market to nose-diving around
Aug'20 till the end of the year, and then it is expected to recover.
They predict that the market hasn't gone down yet due to mortgage
forbearance support, allowing landlords to defer mortgage payments
rather than declaring bankruptcies. Once this support is gone (around
August this year), we should expect to see bankruptcies impacting the
housing market
Please share your thoughts and experiences.
Thanks
