July 2022 National Real Estate Market Updates for Central MN and Summer is here, and so are your plans for buying or selling a home this summer, but is it a good idea? Let me step you through what national industry experts are saying about the market overall, and where it’s headed.
Hi, I’m Paula Quinn with RE/MAX Central, and I will help guide you toward the best decision for your family, and if you’re a homeowner now, your biggest asset; your home.
So, looking at mortgage rates, Sam Khater, the Chief Economist with Freddie Mac, now, Freddie Mac is the company that buys up mortgages from smaller banks. And Sam said, I quote, “Mortgage rates continue to inch downward this week, but are still significantly higher than last year, affecting affordability and purchase demand. Heading into the summer, the potential home buyer pool has shrunk, and supply is on the rise and the housing market is normalizing.” So, that’s what Sam said.
Now, what that means is, if you are a seller, is that there are more houses being listed. And for home buyers, you will have more to choose from, with potentially less competition than this time last year. After the way the market has behaved the last couple of years, frankly, this is a welcome relief for many of us who are in the real estate industry. With less buyers and more sellers out there, there is finally some hope out there for all of you buyers that have stayed in this market. And quite honestly, sellers, there’s still not that much inventory. It’s still your market.
In addition to this data from Freddie Mac, suggests that mortgage rates have hit a plateau in the last six weeks, giving even more hope to buyers that fewer people will see themselves being priced out of the current market. That’s where we are right now, nationally.
Keep coming back as I break down the national and local markets, even further. I’m Paula Quinn of RE/MAX Central, here to help you with your home buying and selling needs. And remember, I want you to love where you live.
July 2022 National Real Estate Market Updates for Central MN Video – Click the Link to Watch>>>