Real Estate
Facts & Trends Ruhl&Ruhl Realtors
Spring 2020
We Are Still Selling Homes in Spite of COVID-19 The COVID-19 pandemic has changed everyone’s focus. As professionals in the regional real estate market, it is our job to bring our readers the best information and insight we can to help them deal with the situation in front of us. We ďŹ nd ourselves in uncharted waters, so experience and data will have to guide us.
Renee Moomey Realtor
0XVFDWLQH 2IÂżFH 226 E. 2nd Street 0XVFDWLQH ,$ (563) 370-7871 ReneeMoomey@RuhlHomes.com ReneeMoomey.RuhlHomes.com
IN THIS ISSUE: page 3 Buying & Selling Virtually
page 4 Strong House Price Increases Continue
page 4 Ruhl&Ruhl Realtors Ranks as Iowa’s Largest
page 6 Iowa Cropland Values Show Continued Stability
Strong First Quarter First quarter 2020 was way better than last year, which was slow due to record breaking cold and snowfall. Sales volume across our region was up in most markets and listing inventory was rebuilding. Our regional activity chart on page 2 shows results in our many markets. Then the fear and paralysis of the pandemic hit and our market has slowed down. The ďŹ rst two weeks of April, Ruhl&Ruhl’s sales pended were down by 40% compared to an explosion in sales in April 2019. Yet the buyers who are still active are highly motivated and serious. We are still experiencing a shortage of affordable listings in many markets. Well priced new listings are getting good activity and selling. Those shopping for homes now may actually beneďŹ t from these challenging circumstances. For example, interest rates remain near all-time lows, making now, and likely the recovery period, a very attractive time to buy. Due to the slow-down, it is also possible there may be more homes on the market in
May and June. This could ease some of the shortages from the past couple of years that have made it difficult for buyers to ďŹ nd the home they want. Our expectation is that when the “Shelter at Homeâ€? guidelines are lifted, a lot of people will be excited to get out to look for new homes. That process can start up again pretty quickly once our governors give us the “all clear.â€? Given there is so much uncertainty, we thought a simple Frequently Asked Questions (FAQ) format would be the best way to help our readers understand today’s situation from a real estate perspective. Below are answers to some of the most common questions we’ve been receiving. You may have more and we’d love to help you. We think the most important thing we can do right now as real estate advisors is to listen, and to help you make the best decision for you and your circumstances.
FAQ Q. Can I still buy or sell real estate in Iowa, Illinois, & Wisconsin? A. Yes, you can buy and sell homes. The Governors deemed real estate and all related activities essential due to the fact that for some people, moving may be a necessity even in this stressful environment. This means that lending, appraisal, inspection, title, and other functions are also able to operate. There are some limitations. Check with your agent. We Are Still Selling continued on page 2