The pandamic’s impact on the housing market hit regions, even states, differently due to variances in shut-down mandates. Minnesota and other midwest states did not see quite the slowdown (or hard stop) that other areas of the country experienced thanks to the real estate industry being deemed an essential service. We did have restrictions on open houses and still practice caution with in-person showings. Nonetheless, the market has been moving forward. 

Pandemic precautions took hold in mid March when the Twin Cities market is normally gaining momentum for a busy spring. Industry data experts predicted at that time that our normally busy 2nd quarter would push out and take hold into 3rd quarter fpr 2020. Current home-showing data is supporting that prediction as 2nd quarter comes to a close.

According to the monthly report from Showing Time, a market stats and showing managment technology provider to the residential real estate industry, the Midwest region of the country saw 20% increase in showings in May of 2020 over May of 2019. From April 2020 to May 2020 the Midwest region saw an increase of more than 88%. 

This significant increase in showings may be indicative of several things:

  • Many buyers may have paused their home purchasing plans during early pandemic precautions. Employment uncertainty and health concerns may have been reaons for this.
  • Inventory of homes for sale continues to sit at an all-time low. Less supply means more demand.
  • Interest rates also have hit all-time lows increasing homebuyers affordability and buying power.

What does this mean for you as a seller? Well-qualified strong buyers are out looking at homes and ready to make a purchase. Your competition is low and demand for your home is high.

What does this mean for you as a buyer? Your competition is high. Partner with a reputable lender who knows your local market and understands the loan options available to help you maximize your financial status. Borrowing money has never been cheaper!

To find out how The Jane Schmidt Real Estate Network can help you meet your real estate goals in today’s market, contact us today!

Click here to view Showing Time’s full Showing Index report for May 2020.