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Date Archives: March 2020

RE/MAX Professionals Blog Home
Buying | 6 Posts
Coronavirus | 3 Posts
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March
25

For those experiencing financial hardship during this emergency, we've compiled a few resources for you:

Unemployment Insurance:

  • Hourly/Salaried Individuals in Minnesota: The Minnesota Governor issued an executive order that removed the one week waiting period for unemployment claims. Applicants may now also be eligible if they're quarantined and unable to work, unable to go to work due to an outbreak at the workplace, or lost childcare where the employer can't accommodate them with paid time off or leave. More information about Minnesota's response: https://www.uimn.org/applicants/needtoknow/news-updates/covid-19.jsp
  • Hourly/Salaried Individuals in Wisconsin: The Wisconsin Governor has asked the state legislature to waive the one week waiting period for unemployment benefits. An executive order removes the requirement to search for work while laid off or working with reduced hours. More information about Wisconsin's response: https://dwd.wisconsin.gov/covid19/public/ui.htm
  • Self employed / 1099 contractors: Neither Minnesota or Wisconsin currently has a solution for UI benefits for workers in this category. Our trade association is actively lobbying to get benefits for self-employed individuals and 1099 contractors, but nothing has been enacted there yet. There are several loan options available due to the emergency declarations and executive orders
    • Minnesota DEED: On 3/23/2020 the governor directed DEED to create an emergency loan program that is 50% forgivable and has a 0% interest rate. More information: https://mn.gov/deed/newscenter/press-releases/?id=424384
    • SBA Economic Injury Disaster Loan Program: This is available directly through SBA – not local banks. Low interest loans are available up to $2MM with a current interest rate of 3.75%. More information here: https://disasterloan.sba.gov/ela/
Mortgage Payments (Primary Residence, Second Homes, and Investment Properties):
Fannie Mae, Freddie Mac, and FHA have all released new payment deferment options for loans owned by them. They've instructed banks and servicers not to charge penalties or make derogatory credit reports. While you may mail your payment to a bank or mortgage company, it's likely owned by one of these three entities. It's important that individuals seeking this help, contact their bank or servicer to set up the deferral before missing a payment. Here are the sites with details.
Auto Loan Payments:
Many auto lenders are offering to defer payments up to six months without penalties or adverse credit reporting. Call your auto lender or visit their website for more information.

Home/Auto/Renters Insurance:
Almost every large insurance carrier is currently offering payment deferments without penalties right now. Contact your agent or carrier directly if needed.
 
Stay healthy out there!
March
19

COVID-19 Image

Coronavirus (COVID-19) effects on Twin Cities Real Estate Market

As everyone struggles to determine the impact of the dramatic governmental actions taken to slow the spread of the coronavirus, our professionals have been working hard to serve home buyers and home sellers in the safest way possible. We've offered resources to our buyers and sellers alike, to help them navigate this uncharted territory.

While it may be too early to tell the longer-term impacts this will have on the Minneapolis and Saint Paul area real estate market, there are some telling statistics as it relates to the market and its health today.

According to information gathered from NorthstarMLS this morning (3/19/2020), homes are still being listed, shown, and sold at a solid rate. In fact, as of 3/17/2020, the number of showings taking place nationally are still 13% ahead of last year on the same date according to ShowingTime. It does appear that showing activity is trending downward, however.

Another metric we've honed in on is "back on the market" listings, which represents listings that were off market (pending, temporarily not available) and then placed back in Active status.

Here are the raw statistics gathered this morning:

New Listings:

  • In the last 7 days: 2,624
  • In the last 3 days: 1,169
  • In the last 24 hours: 437

Changes to Pending status:

  • In the last 7 days: 1,708
  • In the last 3 days: 964
  • In the last 24 hours: 273

Closed sales:

  • In the last 7 days: 1,174
  • In the last 3 days: 593
  • In the last 24 hours: 145

Back on Market:

  • In the last 7 days: 241
  • In the last 3 days: 136
  • In the last 24 hours: 52

If you'd like help applying this information to your current housing situation, please contact one of our agents today.

Stay safe out there!

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