Lenawee County, MI – WLEN News is reporting a series of COVID-19 stories as it relates to the businesses, non-profits and people in Lenawee County.
Today the series continues with a look at the housing market and how it has weathered the COVID storm. Danielle Stepp from Foundation Realty, Janie Navaro from XSell Realty, and Jeff Rising from RE/MAX Main Street Realty weigh in.
Navaro told WLEN News that she was surprised by the real estate market during the pandemic..
Real estate sales were put on hold for many months, but when the market opened all three companies found that people jumped back in right away.
Interest rates and the lack of new home construction are fueling a seller’s market according to Rising…
The 2020 year end outlook has Rising seeing a level off in the fall, but he agrees there are many unknowns in the COVID market.
Stepp believes the market will stay its course through the end of the year, and that issues with unemployment could affect people’s ability to make payments. Financing is a key to the home buying process, Stepp sees some effect on the ability to be pre-approved with FHA, VA and Rural Development increasing their credit score minimums.
Stay tuned for more in WLEN’s COVID Lenawee series on 103.9 and wlen.com.
Tune into our local and state newscasts, anytime day or night, for this story and more.
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