Vikki Kokuzian
Ready, set, go! Although we’re all in a rush to bust out of our units, scream "Freedom" and get back to it, believe it or not, the real estate market, especially in our neighborhood, has not shifted drastically. In fact, the luxury market ($750K+) in the 60601 ZIP code has experienced an eight percent increase in price per square foot since last year for the period January 1 to April 30, from $550 to $603 per square foot.
Of course there has been a dip in activity, but real estate never stops and I have been doing showings with buyers virtually and some in person, all while abiding by CDC & NAR guidelines. I am holding Zoom conferences and presenting relevant market data to sellers and to those who love charts and graphs.
Remember, the real estate market has similar parallels to the stock market so navigating these questionable times is not only forcing us to look at our position and portfolios, but also gives us hope for an emerging revolution in work, space and lifestyle. This is the time to make the changes you have thought about for years.
Are you considering the bigger place so you can work from home more comfortably, or the extra bedroom you need to put your significant other in before you lose your mind? Or perhaps the peace and calmness of water views beckon you to raise your glass of wine while on a Zoom call —dressed up top and dressed down bottom?
This is our time to reset, look up and realize there is so much to rebuild and look forward to.
Curious about the value of your unit? Want to stop throwing your money away on rent and figure out what you can buy for the same monthly payment? Interest rates are back to their historical low so that means your buying power has increased.
You are my neighbor...let me be your source for real estate insights!
Vikki Kokuzian works and lives in New Eastside.
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