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.