Real Estate Market Update – July 2022 – Central MN #2
So have mortgage rates finally hit their peak? Will we see some sort of normalcy come back to the real estate market? Well, no one can say for sure. I have read and looked at what experts are saying about the market.
Hi, I’m Paula Quinn with RE/MAX Central, and I know the state of the market will play a big role in your decision making about what to do with your home this year. So the first thing I wanna point out is that with interest rates rising, it has many buyers concerned about entering the market.
But the crazy seller’s market “also brought in a number of new agents, over 150,000, from 2020 to 2021,” according to HomeLight. Those agents have not worked through markets that have seen higher interest rates or normal offers that may take weeks to get. They may not be prepared to help you sell or buy a home in this market. Also keep in mind that many current homeowners purchased at a time when interest rates were over 12%. I mean, quite honestly, my first mortgage was 14%.
Here at RE/MAX Central, I’ve seen a lot of different kinds of markets and I’m constantly looking at expert advice, analyzing the market, and giving the best expert advice that I can to you to help navigate the market as it changes. Rates are nowhere near where they have been in the past and normal is an ever changing target, but I am always here to help you navigate any market that we may face. Just gimme a call and I can tell you more about our market.
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.