Real Estate Market Doing Well During Pandemic
The combination of a lack of inventory along with low interest rates has caused the local real estate market to reach new heights.
DULUTH, Minn. – The combination of a lack of inventory along with low interest rates has caused the local real estate market to reach new heights.
One local real estate expert says some people just want to get away from the cramped larger cities where there’s bigger prevalence of the coronavirus.
“We’re seeing more people wanting to come to this town,” said Marta Swierc, a realtor at Remax Results. “I’ve had a couple people decide to move up from the metro area. Duluth is a little bit smaller of a city. People feel more comfortable here. The quality of life, you know, people really like Duluth.”
Whether they’re first or second time homebuyers, it is a very competitive market. Experts say there may be five to six people in line even to simply see a home.
“It’s super fun,” said Swierc. “For me, it’s very fast-paced and we’re ready to rock and roll. You see a house go live at 9 a.m. I try to get my clients in there before 5 o’clock that following evening because if you don’t get in there you may not get the house.
Some homebuyers are feeling lucky to have had their bids go through being in such a competitive market. Northlander Nicole Facciotto recently bought her first home and couldn’t be more thrilled.
“It feels good,” said Nicole Facciotto, a buyer of a house. “Having the house, everything worked out really well. We had a great realtor and the process was pretty seamless with everything else going on in the world and yeah, It’s really awesome to have.”
And for safety, realtors say they are implementing face masks, hand sanitizer and being cautious with high touch points when showing houses to clients. Many realtors are also offering virtual tours.