Despite the ongoing slowdown, middle-market, multifamily deals still appear to be attracting interest. At least one Chicago-based company says buyers and lenders are ready to sign.
Brokers report they’ve closed several middle-market deals in recent weeks and expect to close even more in the near future. That’s a far cry from what the market experienced more than a decade ago during the recession.
While buyers were walking away from properties then, it’s said the current housing market has a stronger foundation than it did in 2009. Even with high unemployment right now, landlords have eased up on rent collection and lenders are making some temporary loan modifications.
Still, there are challenges. Some county offices have temporarily closed due to the crisis, and that’s translated into delays. There is also the issue of conducting in-person showings, although some say they have plenty of property showings to conduct when the crisis subsides.