We are getting a lot of questions and since we are in a unique situation that hasn’t happened before we don’t have a lot of answers. I certainly won’t tell everyone that now is a good time to buy or sell real estate.
Yesterday we got some numbers from a company called “Showing Time” the company provides the software we use for making and tracking appointments to see homes for sale. Showings have dropped off at a time when they should be going in the opposite direction.
Here is a chart using data from about 100 housing markets. I hope to be able to get actual data on our own local market soon.
I have talked with several home buyers this week and they have put their searches on hold for now. Homeowners who are stuck at home are often unwilling to let people tour their home.
Lenders I have talked to are busy working with homeowners are refinancing to take advantage of low-interest rates.
There is speculation the home prices may go down. All I know is that supply is still very low and demand has been high. If you plan on buying or selling a home in St. Paul this year. Watch this page. I will do my best to get data and share facts as they become available.