Coronavirus Impacts on Local Real Estate
Despite the spread of coronavirus, there are still lots of listings and lots of real estate traffic in the Northland.
TWIN PORTS – The mass closures due to the coronavirus have not dampened the housing market in the Northland, according to real estate agents.
Experts are calling it a seller’s market in this area, meaning demand is exceeding supply, whether it be in Duluth, Cloquet, Hermantown or Proctor.
Even in this market, the virus is unpredictable by the day, even by the hour, so agents are focused on keeping potential home buyers safe while helping them find a home.
“We’re giving people the opportunity to be a homeowner and to set their foundation in Duluth,” said Jordan DeCaro, of his namesake real estate business, Jordan DeCaro Real Estate Team. “We need to do that and continue to fight for that and also do it as safe as possible and protect the people that we’re working with.”
Some agents are not taking a break during this time, as many people are still participating in the home-buying process in-person.
“There are agents that are still running,” said Shaina Nickila, the president-elect of Lake Superior Area Realtors. “I spoke to many people today who were writing offers, receiving offers, and meeting with buyers, but we hope that everyone uses their clients’ best discretion, using their discretion with the clients best needs in mind, so that we keep people safe.”
Even before the virus, agents were often using technology to do tours of homes and to communicate with their customers without having to meet in person.
Now, these modern methods have become more and more needed as home buyers and sellers are being more cautious when it comes to visiting homes.