How the pandemic is impacting real estate sales in Sioux Falls

Your Money Matters

All of the ongoing changes over COVID-19 precautions are having a big impact on many industries across KELOLAND, including real estate.  

“Kids make you feel very cramped, very quickly,” Joshua Sopko said.

Joshua and Brittany Sopko started looking for a new home shortly after they welcomed their fourth child earlier this year. 

“We currently live in a two bedroom house and as our kids get bigger they want their own space, their own bedrooms,” Sopko said.

“A lot of times they’re stuck needing homes no matter what their season of life is,” Sean Larsen with Exp Realty said.

Realtor Sean Larson says many of his clients are still eagerly searching for a new home, even through the constant changes of COVID-19. 

“We’ve just had to get creative in being able to show the homes, we’re being as clean and sanitary as possible and respecting the homes we’re in,” Larsen said.

“We’re trying to do as many touch-less showings as possible, having sellers keep their lights on, keeping doors open, keeping pantries open, so people walking through and realtors walking through aren’t touching the house,” Gregg Gohl with Hegg Realtors said.

Gohl says Hegg realtors are still doing plenty of private showings, but have cancelled open houses for at least the next two weeks, turning to the internet to help with home sales.

“Virtual open houses are happening,” Gohl said.

But Gohl says there are a lot of changes for both buyers and sellers during this uncertain time. 

“There are certainly people who are going to be out of jobs who maybe even have a pending sale waiting to close that they aren’t able to close anymore because they lost their job,” Gohl said.

And many homeowners who were getting ready to sell are deciding to wait out the uncertainties. 

“A lot of them are absolutely holding off because they don’t want strangers walking through their house right now,” Gohl said.

“Our inventory is as low as its ever been, so we need homes, we need good, well-priced, clean homes for people to look into, there’s still plenty of people looking to buy,” Larsen said.

These realtors say there are some other positives in the real estate market to consider right now; for buyers, interest rates are still at near-record lows, which will help make payments more affordable. And for sellers, there’s a lot less competition right now because so many people are deciding to hold off listing, which could help you sell your home sooner. 

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Your Guide To
Coronavirus

KELOLAND News is covering the Coronavirus outbreak. We have created a guide to everything you need to know to prepare. We also have the latest stories from across the globe feeding into this page.


 

Don't Miss!

More Don't Miss