Normal Market Of The Summer Of 2022

Changes are happening in our central Minnesota real estate market

Here’s the reality of what’s taking place:

• Days On Market are continuing to increase. Homes that are priced 5%, 8% or even 10% higher than current market value = longer market time. 

• Inventory is growing.  There’s nothing better for buyers than more home choices to view. The same day frenzy is disappearing. We are returning to a normal market.

• 10-15% buyers have stopped looking. There are fewer showings and offers per listing now than months ago, however the nicer homes and better priced homes are still receiving multiple offers. 

• Interest rates will continue to go up and down. 3%-3.5% rates are gone, not likely to return for a long time.

• Deals that fall apart are increasing. Lenders are tightening rules and criteria.    

What goes up must come down and go up again (at some point). This is still a great time to find a nice home and listed homes are still receiving activity from fresh buyers.

Call, Text or E-mail anytime and visit me online. I’m here to help you when you have questions about the real estate market or when you are ready to move forward. – Ron