Real Estate Market Report Is the Market Shifting?
Right now, we are seeing the market shift and homes that were flying off the shelves this spring are getting fewer showings then expected. With all the recent changes from rates increasing and the mid term election. I am seeing buyers sitting still and waiting to see what will happen next. What we do know is that as you wait to buy the rates are going to continue to go up. The economy is doing good and the fed has told us that they are going to continue to increase the rates over the next few quarters. So, while some are sitting on the sidelines to buy their dreams of granite counters tops, extra bedrooms, and finished basements are vanishing from reach. Now is the time to meet with Me and a lender to get a game plan together. We can help you look at if waiting till your lease is up next spring or saving more for your down payment is a good idea or if moving your time line up and finding a home with a longer closing date is a better option for you. We are seeing a slight increase in homes coming to the market right now. With less buyers out during the fall winter months it is a great time to buy if you don’t want to deal with the heart break that can goes along with multiple offers on a home.
Sellers are shaking their heads after seeing all the momentum during this spring market and then finally deciding to hurry up and get their home ready for the market this fall. They are seeing a strong decrease in buyer showings over the last few months even open house traffic is down. While the data is still showing pricing increases, we must consider the data is a month behind. With rates going up and the mid term elections we really saw buyers sitting still. Now that everyone has had a bit of time to adjust let’s hope they will come back out of hiding to buy. The rates are expected to keep ticking up and while this is great for the economy it will put a pinch on how much buyers can afford to pay for your home. Taking a realistic and a bit conservative approach to pricing your home for sale is still paying off for sellers. Depending on where you are in the metro and what you are trying to accomplish with selling your home is going to affect your listing strategy. Now is a great time to meet and go over what your next move is and how we can work to get you there.
Read more about the twin cities market from our Chief Economist at Minneapolis Area Association of Realtors. https://www.mplsrealtor.com/blog/more-early-signs-of-shifting-market-tides/
If you would like to know how these effects you Call or Text me at 612-363-756 or Mindy@excelsiorteam.com to set up a free consultation with me. I am always here to help!
Thanks for reading,