A Guide to Uncertainty: The COVID-19 Real Estate Market

19 March 2020

View of 1000M and the Chicago skyline

With most of the world shut down due to COVID-19 — better known as the coronavirus — part of the looming uncertainty is how the consequences of an economic downturn will affect the real estate industry. While things seem to change on a daily basis, here are a few tips for navigating the COVID-19 real estate market: 

Go Virtual

Uncomfortable going out for home tours? If you prefer to stay in self-quarantine or can’t travel, most agents are offering virtual tours and utilizing technology to keep the process running. Our own Sales Gallery is well-trained in handling tours and presentations via FaceTime or WhatsApp; walk-throughs of the Sales Gallery, features and finishes of 1000M are all available through video. Although we’ve used video platforms for international and remote clients for years, others are starting to do the same. 

Try To Be Flexible

Whether you’re an agent, buyer or seller, being adaptable to your environment and the market is a useful and often-necessary skill. This is relevant now more than ever, and can vary per individual circumstance. Think through all possible circumstances, be prepared for everything and be understanding to everyone else trying to do the same. 

Look Towards the Future

Though it’s easy to get swept up in the daily news,try to stay hopeful towards the future. If buying a home is on your mind, take the extra time to do your research and be thorough. Stay informed, be diligent on best practices throughout the industry, but also don’t forget the COVID-19 real estate market is temporary. Our world is facing uncertainty right now, but things will eventually pass. 

For the time being, our Sales Gallery is open by appointment only, and we are taking every extra precaution to ensure the safety of those who visit. If you have any specific questions or concerns for our Sales Gallery team, we’re available and happy to help in any way we can.