While other industries flounder, real estate takes off during pandemic

Something strange is happening in the Minnesota housing market, and, not surprisingly, the pandemic is the reason.

More people in the Twin Cities metro area are seeking houses away from the urban core, where they can have more space, and access to amenities, as our stay-at-home lifestyle drags on.

On top of that, lots of first-time buyers are out searching for houses — and not finding many. Sellers are getting multiple offers, often over the asking price.

At 11 a.m. Monday, host Angela Davis is joined by two industry experts who can explain what it’s like to buy a home right now, especially as prices soar and middle- and low-income people are further shut out of Minnesota’s housing market.

And as she does every Monday, she will check in with MPR News senior economics contributor Chris Farrell on the state and national economy.

We want to hear from you, too. Have you looked for a house during the pandemic? What has been your experience? Call 651-227-6000 during the 11 a.m. hour or tweet @AngelaDavisMPR to join the conversation.

Guests:

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Four Trends In The Real Estate And Lending Industries

Glenn is president of Ally Home with more than 35 years of experience in consumer lending, mortgage and capital markets.

Covid-19 unleashed unprecedented changes across the business landscape, and the real estate and mortgage industries were no exception. The pandemic accelerated the shift to modernize both the home shopping and home mortgage experience. This prompted lenders and realtors alike to reimagine legacy processes from the ground up and provide consumers with a more digital-focused experience.

While the real estate market adjusts to accommodate the current environment, industry leaders must also look to prepare for new and recurring trends while implementing new best practices. There are four trends in particular that affect the here and now – and will likely continue to have implications in the long-term.

 1. Digital Acceleration 

Homebuyers have quickly grown accustomed to the conveniences of a digital-first world – from home grocery delivery to online car shopping to virtual home tours and nearly contactless home purchases. While the pandemic and subsequent social distancing requirements have informed customer needs in the short-term, consumers’ preference for digital interactions is unlikely to fade. The social distancing era has reshaped how consumers want to experience the home buying and mortgage

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