Each year as kids head back to school and the fall weather rolls in, we see a shift in the market. This year, we saw that happen a little bit earlier in August which leads us to believe the market is slowly becoming a more balanced market. In the 13 county Twin Cities metro area over the past 12 months we have more listings than the previous 12 months and less closed sales. This indicates that the inventory is starting to catch up with the demand.
Even with the market slowly becoming more balanced, homes are still less very close to their list price and the price per square foot is higher this year than last. In our experience, buyers and sellers are still facing a very tight market. This is especially true in specific markets like the first time home buyer or certain geographical areas.
With interest rates still historically low, this is a great time to consider your real estate options. If you are a first time home buyer, the current interest rates give you greater buying power. If you already own a home, it may the right time to upgrade. We have had clients upgrade their homes and keep very similar monthly payments because the interest rates are so low. If you’d like to see if that would be an option for you, please reach out to us for more details.