The Real Estate Market During Coronavirus Pandemic

Real Estate Market
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Real Estate Market Doing Well

During the coronavirus pandemic, you might think the real estate market is not doing well.

But according to local real estate broker Kristen Jungles, of the Jungles Group at Keller Williams, it’s actually the opposite.

Jungles said while business has slowed, homes are still going under contract.

Kristen Jungles, Jungles Group at Keller Williams

“Our real estate market, locally, was strong ahead of this. We were actually seeing business in January and February and heading into March that was very similar to what the spring market normally is,” said Jungles. “So that is working very favorably for keeping the real estate market moving in town right now.”

Jungles said real estate is considered “essential business” under Governor J.B. Pritzker’s “Stay at Home” order, which also contributes to the market doing well.

Taking Extra Precautions

Since some clients are still venturing out to look for that perfect home, real estate agents are making sure they’re keeping themselves and the potential new homeowners safe.

“We’re using extra precautions,” said Jungles. “There’s shoe covers, gloves on site, hand sanitizer, and all of those things that other people are doing on the day to day.”

Virtual Tours

Virtual tours have become an option for those who don’t feel comfortable entering homes or are feeling sick. According to Jungles, some agents will take videos of the properties and many rely on the Matterport Virtual House Tours.

Some sellers who don’t want people walking into their home have temporarily taken their properties off for showing, but buyers can still put an offer.

No Market Crash

Jungles said some are worried this will turn into the real estate market crash that happened in 2008. She assures that’s not the case for Naperville.

“Things are still really good in the real estate market and people are still selling their homes,” said Jungles. “So that’s probably the biggest challenge right now is just to make sure that message is heard.”

Naperville News 17’s Aysha Ashley Househ reports.