Our local St Cloud | Sartell | Sauk Rapids area housing market in 2023 remains active for buyers and sellers. Normal (and falling) mortgage rates, low number of available homes to view and fresh buyers moving to our area all translate to a healthy real estate market for 2023.

Feel free to text me anytime at 320-291-6402 for additional helpful information on moving forward or if you a notice a home online that you’re curious about. Thank you. See you soon!

What Are Experts Saying About the Fall Housing Market?

The housing market is rapidly changing from the peak frenzy it saw over the past two years. That means you probably have questions about what your best move is if you’re thinking of buying or selling this fall.  To help you make a confident decision, lean on the professionals for insights. Here are a few things experts are saying about the fall housing market.

Expert Quotes for Fall Homebuyers

A recent article from realtor.com:

“This fall, a more moderate pace of home selling, more listings to choose from, and softening price growth will provide some breathing room for buyers searching for a home during what is typically the best time to buy a home.”

Michael Lane, VP and General Manager, ShowingTime:

“Buyers will continue to see less competition for homes and have more time to tour homes they like and consider their options.” 

Expert Quotes for Fall Sellers

Selma Hepp, Interim Lead of the Office of the Chief Economist, CoreLogic:

“. . . record equity continues to provide fuel for housing demand, particularly if households are relocating to more affordable areas.”

Danielle Hale, Chief Economist, realtor.com:

October 2022: The days on market are continuing to extend. The reasons include:

• The numerous Covid buyers who have all purchased or have stopped looking.

• The current home loan rates.

• The number of homes to view on the market have increased.

• The existing inventory of homes for sale in the market that are overpriced.  

..HOWEVER, fresh buyers wake up every day and say “I’ve had enough. I need a nice home”. Inventory grows every day when new sellers decide it’s time to move. Today is a great time for buyers to look for and tour homes. The advantage for buyers is that they have more choices of homes to view and the process is more enjoyable as opposed to the frenzy of same day multiple buyers and offers in 2020, 2021 and early 2022.

Viewing properties in person is the best way to find out what you like in a home. Call or text me at 320-291-6402 if you notice a home that you are curious about and we will go take a quick look. I appreciate the opportunity to help you. Thank you again – Ron

Fall 2022: If you’ve been thinking of buying a home, you may have been watching what’s happened with mortgage rates over the past year. It’s true they’ve risen dramatically, but where will they go from here, especially as the market continues to slow?

As you think about your homeownership goals and decide if now’s the time to make your move, the best place to turn to for that information is the professionals. Here’s a summary of the latest mortgage rate forecasts from housing market experts.

Experts Project Mortgage Rates Will Stabilize

While mortgage rates continue to fluctuate due to ongoing inflationary pressures and economic uncertainty, experts project they’ll start to stabilize in the months ahead. According to the latest projections, mortgage rates are expected to hover in the low to mid 5% range initially, and then potentially dip into the high 4% range by later next year (see chart below).

That could bring you some welcome relief. So far this year, mortgage rates have climbed over two percentage points due to the Federal Reserve’s response to inflation, and that’s made it more expensive to buy a home. And wondering if the rise in rates will continue is keeping some prospective buyers on the sidelines.

But now that experts say mortgage rates should stabilize, this gives you a bit more certainty about what they think the future holds, and that may help you feel more confident about your decision to buy a home.

Bottom Line

Whether you’re looking to buy your first home, move up to a larger home, or even downsize, you need to know what’s happening in the housing market so you can make the most informed decision possible. Let’s connect to discuss your goals and determine the best plan for your move.

Late Summer Market Update

The most common indicators of an active and healthy real estate market in the St Cloud area (including Sartell, Sauk Rapids, Waite Park and St Joseph) are low number of homes for sale, appreciating sales prices, homes that sell at or above listing prices and lower days on market (please see updated market graphs below).

Feel free to contact me if you have questions or if you are ready to move forward.

Thank you and I look forward to helping you! – Ron

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