2020 is a year many of us will be glad to see move over the horizon. As I write this (12/1/20) there have been 270,000 Covid-19 deaths, 162,913 were confirmed positive today and 13,605,981 Americans have contracted the disease so far. We are in the middle of a presidential transition that at least one person does not believe. At the end of October, 11.1 million people are unemployed, add to that on January 1st unemployment runs out for most and eviction moratoriums are set to expire. Oh, here’s a fun fact you’ll enjoy. New research by the Institute for Policy Studies shows that U.S. billionaires have grown their wealth by a whopping 34% SINCE MARCH.
I want to give up a quick update on the real estate market for the first half of 2020 and some predicting for the end of the year. As you can imagine, the market has been affected by Covid 19 and below is some information about how the real estate industry has adjusted to reduce the risk to home buyers and sellers.
The unthinkable has happened. Like you, I have been watching a very slow-moving tsunami overtaking the entire world. We have all been hearing stories of the heroes on the front lines and the loss of loved ones we can’t say goodbye to. All the people I work with have heard me say “all things happen for a reason.” I don’t know where the good will come from this, I am hopeful we will see an end soon.
The real estate market, like all business, is being impacted. I will share some facts with you and try to keep my opinions to myself. The Twin Cities real estate market has changed dramatically in the last 4 years. I have noticed in the last year it is becoming more difficult to locate homes that have normal floor plans and are in good condition for less than $300,000. The location I work most often is in the Cities of St Paul and Minneapolis.
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