From Our Home Office to Yours
Our team is getting used to working in this new environment, just like many of you. Never have we all been so connected to our own homes—with home offices now being the new norm. It is taking some adjusting. We get it, and we are adjusting with you!
Real Estate in the New Covid-19 Environment
Our team is still working every day, albeit a bit differently. Changes we have made in the industry:
- We meet virtually
- We are still showing houses, but along with the “please remove your shoes” signs, we have added “please wash your hands first” signs as shown above
- Open houses: As of March 25th our industry is putting a hold on all public and realtor open houses for at least 30 days.
- Change to our purchase agreements: Covid 19 addendums–which help address potential delays in a transaction related to Covid-19
Are Homes Selling Right Now?
Yes, in fact they are. We are tracking activity every 7 days right now. Here’s a snapshot of the areas we follow very closely which include SW Mpls, SLP, Edina, GV, Minnetonka.
|Price Changes||Closed||Pending Status|
|Week Ending March 13||81||306||79||135||164|
|Week Ending March 20||68||248||89||106||150|
|Week Ending March 27||59||267||78||119||162|
We will likely see a drop off or a leveling of new listings in the upcoming weeks. We would normally be seeing an increase as we move into the Spring market. Business is still happening though, despite the slower pace.
How About Interest Rates?
Interest rates currently are very volatile moving not only daily but hourly. They have been as low as 3% and as high as 4% in a one-week period. The Fed has acted quickly to add liquidity to the market. We are expecting that this will ultimately keep interest rates low. Whether looking to re-fi or purchase, we recommend staying in daily contact with your loan officer. Need a referral? Let us know, we can connect you.
Because we value communication and want to keep you up-to-date on what we are seeing out in the market, we hope you don’t mind hearing from us more regularly. We want to hear from you as well. Let us know what questions you may have, what information would be valuable, or how to plan for the “Spring market.”
We’re Focused on What Matters
As we work within the confines of social distancing, we remind ourselves that distancing is only about physical separation. It is not–and in fact will not be–a disconnection from our families, friends and clients and the relationships that define our business.
The Kim Pease Team can help.
Contact us if you or someone you know might need some guidance.