Greater Chicago Real Estate Inc
3717 W Armitage Ave. Chicago, IL 60647

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How Will the COVID-19 Vaccine Impact the Real Estate Market in 2021

The world is placing quite a lot of hope in the various vaccinations that have rolled out recently to combat the COVID-19 pandemic. The advances in science and the rigorous testing have all revealed that the vaccination effort can have major impacts on the world’s return to normalcy. That being said, vaccinating billions of people takes time and the virus has proven unpredictable already, so what can we expect in the real estate market? HomeLight talked to some of the country’s top real estate agents in late 2020 to find out what they see as the major impacts of a COVID-19 vaccination effort will be on the housing market. Here’s what they found.

More Options for In-Person Open Houses and Showings

One of the most helpful elements of a vaccine roll-out will be more safe options for in-person open houses and showings. While masks and social distancing may become more prevalent, the likelihood of home owners to be interested in selling goes up when they can bring people in to see the house in-person. Many have delayed entering the market in the Chicago area for fear that getting only virtual-open-house viewings will result in fewer offers and a lower sale price. These increased options will hopefully encourage more sellers to jump in, which will reduce the issues of low inventory that have plagued 2020.

A Settling of the Work-From-Home Market

As more companies can safely return to the office, the market is likely to settle into a “new normal” for work-from-home efforts. Many companies have realized they can reduce expenses while getting good results from their staff with remote work, so they may allow it to continue indefinitely even after the vaccine rollout expands. The housing market has skewed toward larger, less urban homes in the past year, partially to have more space for people to spend lots of time at home, and this demand is likely to persist in some respects as employers make remote work options permanent. That being said, some people will joyfully return to the office, and in doing so may return to smaller, more urban homes that are well-located for a commute.

Return to In-Person School Reduces Some Space Needs

Similarly, as more school districts bring students back to in-person schooling full-time, the need for home classrooms and e-learning environments goes down. The real estate market may have seen some temporary swell in the interest in larger homes or homes with more bedrooms that could become home classrooms, but the presence of an effective COVID-19 vaccine means that this demand is likely to slacken. That being said, many people find that it continues to be nice to have extra space at home, so that doesn’t necessarily mean people will stop enjoying larger homes; there will just be less unusual demand for them.

Continued Seller’s Market In Spite of Market Flexibility

The vaccine rollout and the down-trend in cases and coronavirus spread is likely to calm markets quite a bit, but low inventory and continued low interest rates are likely to keep the market firmly in the seller’s side for a while. There are hopeful signs that inventory will rise, according to real estate agents, but the delayed effects of a very strange 2020 in the housing market seem to indicate that there will continue to be more-than-average bidding wars for desirable properties for a while yet. 


 

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What our clients are saying  

Four Stars via Google Review!

 

~ Monique S.

Working with Sebastian was a pleasure. He’s very knowledgeable and made our first home purchase experience smooth and stress free.

 

~ Abraham A

Thank you for the five stars on Google. It was a pleasure helping you on this journey. Lets stay in touch and do more!!

 

~ Ahmad R

Sebastian was great to work with, and he was very communicative. We are happy with our purchase, and we would definitely recommend him as a real estate agent to anyone looking for one.

 

~ Allany A

Five Stars!! Via Google Review!

 

~ Melo C

Professionalism, Quality. Sebastian took his time in explaining the selling process of my dad’s home. He cleared all the moving steps needed prior to selling which helped the process run smoothly. The house sold in less than a week. Thank you Sebastian and Asia.

 

~ Judy Serrano

Sebastian Hernandez sold our house about a month ago. He was very professional and responsive. Sebastian provided us with at least 24 hour notice when scheduling visits and always kept us updated with all correspondence and transactions. He explained all steps and broke down all possible scenarios. Instead of the process of selling our house being daunting (first time), it went smoothly. He made great recommendations and also listened to our wants and needs. I would whole heartedly recommend Sebastian for any real estate needs. We would definitely use him again.

 

~ D. Santiago

Sebastian is the Best Business person I ever met in my life And I am over 60

 

~ K. Simmons

Sebastian J Hernandez is one of the best in the city with his Mastery craft in Real Estate. I could not be any more happier with his help and guidance in my Adventure in buying a new home. Thanks Sebastian for all your help.

 

~ Carlos Cruz

Great experience with Sebastian. Very professional. Knows what he’s doing. Took care of everything and always kept in touch with us and always there when we had a question. Really takes care of his clients and a very honest person.

 

~ Armando Soberanis Jr

Was home shopping and have had quite a few realtors and I'd want to say sebastian certainly stood out. He is very professional and responsive. He gives you a great vibe and not pushy like many realtors I'd dealt with in the past. He made the process as smooth as possible and certainly would highly recommend him to anyone looking to purchase or sell.

 

~ Jorge Raya

We loved working with Sebastian! He found us some really great properties and explained the home buying process very well for us as two first-time homebuyers.

 

~ Heather Dart

Very patient and professional. He help me sell my property quickly and effortlessly. He is my go to Realtor in the area now and in the future.

 

~ Telmo Gaibor

Sebastián is good Agent and professional, he Sold my property in 2 month's. I will recommend.

 

~ Alejandro Garcia

Sebastian has been doing this for over ten years and it shows. He walked me and my mother, the actual owner of the building, through each step of the process. This is our first time experiencing selling a home and my mother doesn't like feeling vulnerable in these situations. Sebastian's approach made her at ease. Since he knew my mom was not email savvy, he would make time to visit the house and explain each form she had to sign, rather than just sending us an email and having us figure out what we need to do. Very transparent in explaining all details, very patient in answering our questions, very concise with layman terms so we can understand, very direct in negotiating for us, and very accessible every time we contacted him. Never felt pressure from him whatsoever. Highly recommended.

 

~ Gabriel

I had gone through 2 realtors before meeting Sebastian and I'm so glad we crossed paths. Not only did he aid me in buying my very 1st home but he also helped me to sell my home. Sebastian is every bit of patient, determined and thural. I am definately looking forward to working with him again in the near future to purchase again. Hats off to this man

 

~ 90's dancehall Me

Very helpful and always a phone call away. Sebastian helped our family find our home and we are first time home buyers. Made the process clear concrete and successful. I will recommend Sebastian to anyone seeking to buy or sell.

 

~ zuser20141122065227712

Sebastian worked with my husband and I to find a multiunit building. He came highly recommended by a coworker and he was extremely responsive and knowledgeableand in addition to being enjoyable to work with. We were first time homebuyers and he was super patient with all of our questions and helped demystify the process. He was quick to set up viewings and jumped right in. Thanks a million, Sebastian!

 

~ Maria Roman

Buying a house is a stressful process but Sebastian made the process so much better! Hands down one of the best realtors I’ve ever worked with. He made himself available when we needed to see properties and worked hard to make sure that we got what we wanted! He is experienced and provided us with advice when we discussed pricing. He is genuine and works to get you the dream home you want! I would highly recommend him to anyone!

 

~ Patricia Zavalza

Sebastian is a great realtor! If you need to sell or buy a home give him a call. He helped us purchase our 1st home and helped us sell our investment property. He loves what he does. Give him a call you wont be disappointed.

 

~ betterlifehomeremodeling

Highly recommend. Sebastian help my parents sell their property in a timely fashion. He was available and willing to help explain anything throughout the process. My parents are very happy with how they were treated and how things worked out.

 

~ David Estrada

Sebastian is a professional through and through. His knowledge and professionalism helped guide me through a difficult real estate process. His understanding of the markets and sustained focus on getting to close were essential in closing the sale. I'm very grateful for his help.

 

~ Mark Blazevic

Sebastian is a true professional! He is very competent, detailed oriented and meticulous. He did more than just list the rental property, he interfaced with tenants to schedule showings, and addressed any concerns they had. He helped to resolve the issues that arose, he dotted the I's and crossed the T's. He was very responsive, timely and patient in assisting me on selling my properties. He kept me informed throughout the entire process from beginning to end. I look forward to and expect to work with him again in the near future.

 

~ A Keith

Sebastian provides great service and professionalism. He also hooked me up with a great attorney for closing. I will be using Sebastian's services again.

 

~ Lotta Yanong

Sebastian was very professional and he was always just a phone call away when i had a question. I will be using him for my future purchase and sales..I will recommend him to anyone looking to purchase or sale.

 

~ david jackson297

I contacted Joanna after sending in a request to view a home. I explained to her that we were interested in buying though had not gone through the process yet and would like to receive more information. Even though we did not have a loan approval letter, she scheduled the showing and gave us advice and suggestions for loans. Joanna is the best! She was helpful and patient and after months of searching for a home, she continued to provide me with the best service, advice and guidance during the entire process. She is very thorough and experienced. I would definitely recommend her to family and friends. I feel she really cares about the buyer. Thank you Joanna!

 

~ zuser20171206024519910

Sebastian was a great help with finding me a home. He understood my concerns with properties, was very patient and assisted greatly in getting all the information necessary for my final pick. Sebastian has provided his services to many family and friends without fail for many years! He always provides stellar service, which is why I chose him to assist with finding me a home. This was a great hunting adventure! Thank you for all your work! He has a great legal team behind him as well.

 

~ NoEmiRivEra6

Sebastian did an amazing job on selling my home and buying one all at the same time. He was honest to tell us it was possible and it could be done. He always answered his calls and was on top of everything. Is very rare to find amazing people like this out there! I would recommend him to anyone without a doubt.

 

~ angelpr8

Sebastian helped my wife and I purchase our first home. He was recommended through friends and after our first meeting with him we knew he would be the best choice for us. He explained the entire process to us and always let me know what I needed to do next. He was always easy to reach and gave me plenty of updates and kept me informed on what was happening. I will definitely be recommending him to anyone looking for home, especially first time buyers.

 

~ zuser20161229142334696

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