COVID-19 has plagued several industries and lives, but has it had an impact on the housing market?

Real estate agent with Jefferson Iowa Realty Linda Eighmy says the virus has slowed down the overall housing market earlier on, but it is starting to pick back up. She notes that locally, while home sales are lower the prices to purchase a home remains the same. Eighmy points out that the U.S. Department of Treasury has lowered the interest rates to buy a home, which she believes has helped spur the housing market during the pandemic.

“Rates are down to around 2.9-percent to 3.5-percent depending on your loan type. Another thing to note is that while the mortgage rates have dropped, the pandemic has made mortgage credit a little harder to get. So some of the major banks are now requiring for borrowers to have around 700 credit score and a 20-percent down payment to get a mortgage.”

Eighmy encourages potential home buyers to check with their local bank on options for mortgages. She also says they are taking precautions against the virus when doing a showing. They are constantly using hand sanitizer and practicing social distancing. Eighmy is asking for only the decision makers to be present at a showing or closing, with no children or extended family allowed. She reminds any homeowner if they are in financial trouble due to COVID-19 to contact their mortgage lender immediately to explain their situation.