DES MOINES, Iowa — Many industries are changing from in person to online during the COVID-19 pandemic, including the real estate industry. Despite the industry seeing an overall downtick in people selling and buying, realtors say it’s not all negative.
“Real estate is holding strong. We had two percent appreciation from last year. That’s a little lower. Normally it’s three percent or more, but it’s still appreciating, whereas other markets are tanking right now, so this is a really hot time for investors,” realtor Kelsey Russell said.
Those who don’t need to physically go through the property and just want to view it can do so virtually. Not many real estate companies are holding open houses right now and they are setting up virtual house tours. Even closing on a house has gone virtual. Gov. Kim Reynolds just pushed forward e-notarization to limit person-to-person contact.
Russell said interest rates are really low right now, down to about 2 percent when normally they are around 3 percent or 4 percent. She said that whatever is going on the market is selling in a timely manner, if not quicker. There is just not a lot on the market. But she said once the pandemic is over, there will be a lot more supply and demand, so if you are interested in buying or selling, now is the best time to plan.
“On the buying side, make sure you’re pre-approved and you know what a comfortable monthly payment looks like. If you’re building, make sure you kind of looked at lots and plans and builders and you have that all hashed out,” Russell said.
Russell said now is the best time to reach out to a realtor to help you navigate the real estate market.