Our changing Minnesota real estate market.

our changing real estate market

Our changing Minnesota real estate market.

Our changing Minnesota real estate market.

One thing I have found in the Minnesota real estate…change is inevitable. Our current real estate market is proof of that.

 

Last year and this year we had small inventories of available homes, record low interest rates and historic demand.

 

Now is have inflation we have not seen in 40 years, interest rates that have almost doubled in a brief period, inventories that are still low and pending sales that are twenty percent less than the same time last year.

 

The rise in interest rates is now starting to make an impact on our Minnesota real estate market. While we still have multiple offers on homes, we do not have the incredible numbers of offers. This is because buyer’s affordability has decreased with higher interest rates and many buyers have decided to rent and sit the craziness out. The only downside to that is that rents have increased over thirty percent nationwide and homes are still appreciating.

 

The federal Reserve will be increasing rates by half a percent at the June and July meetings, and this will impact mortgage rates once again soon. Our Minnesota Real estate market will continue to change throughout this summer and fall.

 

I hope you found my blog on “our changing Minnesota real estate market” helpful. Look for more blogs on all aspects of Minnesota, real estate, and the world around us.

Just call, text, or email me with questions.

Jeff Anderson

The Anderson Team

www.mnrealestate.com

RE/MAX RESULTS

612-386-8600

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