Real Estate Market Makes Records In September During Pandemic
It's been kind of an odd year when it comes to the real estate market, especially with the changing conditions resulting from COVID. However, the market did reach new records this past September.
SUPERIOR, Wis. – It’s been kind of an odd year when it comes to the real estate market, especially with the changing conditions resulting from COVID. However, the market did reach new records this past September.
When COVID made its presence known, uncertainties began coming forward for the real estate market and whether people were willing to risk buying a home during such strange times.
But lately, local realtors seem to have an answer to that as just last month, the Lake Superior Area Realtors Association, which includes Lake, Cook, Carlton and the southern half of St. Louis County, saw median sale prices in the area reach $205,000. This is an increase of nearly 19% from last year.
One local realtor, Tom Acton, says the combination of low interest rates and low inventory has been pushing prices higher.
“We’re seeing some people that are saying, hey maybe I should think about putting the house on the market, what do you think of the market conditions,” said Acton, a realtor with RE/MAX Results. “I’ve been recommending to people to try to get their houses listed as soon as possible. I don’t foresee the market we have as being sustainable forever. We’re going to see a correction at some point in time.”
And it’s not as though the market still doesn’t face issues including deals falling through for a variety of reasons, including people losing their jobs, getting sick or the banks not funding the loans due to financial instabilities.
Despite that, Acton says the market seems to be picking up.
“But we’ve been running and literally running constantly until recently,” said Acton. “I finally been able to start to kind of begin to what’s coming at me but it’s still very busy.”
One of the major reasons realtors say people are buying homes now instead of renting is in some cases, it costs just as much to rent as it does to buy in this region.