Real Estate Market – July 2022 – Local Morrison County Updates
Do you wanna know what’s happening here in our local Morrison County market? I get asked the state of the local market all of the time, like every day. Is now a good time to sell in Little Falls, Minnesota 56345? I also get asked if we are going to see a crash and what are people going to do with their homes. It can be so confusing with the constant changes in the market to know where and what the best decision for your family would be. I totally have you on this one. I’m full time in the industry, and I’m here to help you navigate this market and others. I’ve done dozens of real estate transactions. And when answering these questions, I do my homework, look at the data, and see what’s actually happening in our market so I can help you make that educated decision.
So let’s see what the market actually looks like here locally. Is it good time to sell here in Little Falls, 56345, Pierz, Minnesota 56364, or Royalton, Minnesota 56373? Well, let’s look at what’s happening in month of July.
In Little Falls currently, at the time of this video, there are 21 homes that are coming soon or active. The average time to sell in Little Falls is only six days with one home selling in July.
Now you may be wondering if it’s a good time to sell in Pierz, Minnesota. In Pierz, we have six active homes on the market, and only one home was sold in July.
And if you were checking out Royalton, Minnesota, 56373, there are two active or coming soon, only three days on market, and two homes were sold in July.
So here in Morrison County, we still have a very low inventory, and I still have a relatively strong buyer demand. However, the market is a little crazy right now. It’s shocking. I’m currently seeing more homes on the market than in prior months, and I’m not seeing as many offers on homes, or offered as quickly as I was just seeing even a few weeks ago. I’m also starting to see that buyers are not bidding up as often or giving up as many contingencies. It’s still a good time to sell because interest rates are expected to continue to go up. If I can say that fast 20 times. And that is the reason for the sudden shift that we see in the market. If you’re thinking of selling, now would be a good time, before they continue to go up even more. Because remember, as interest rates increase, buyers have less buying power and will have to purchase a home that is less expensive to make up for the difference in interest rates increasing.
If you’re wanting to know more specifics on your home and what it’s worth, click below, and I would be happy to get a market analysis done for you on your home, free of charge. I’m looking forward to hearing from you, and as always I’m Paula Quinn with RE/MAX Central, and I’m here to help you with your home buying and selling needs. And remember, I want you to love where you live.
Real Estate Market – July 2022 – Local Morrison County Updates