As we hit mid-summer in the Twin Cities the real estate market is moving full steam ahead. The numbers continue to tell the story of a real estate market in recovery. Of particular note is that the median sales price exceeded $200,000 for the first time since 2007! This has to do with the increased home prices as well as the changing “mix” of listed homes being predominantly traditional sales vs. distressed sales. Low listing inventory, increasing prices and higher mortgage interest rates top the list of buyer’s challenges. However, it is still a good time to buy. We are starting to see more new listings than a few months ago which indicates a trend toward more listing inventory, and both prices and rates are still low when viewed in a historical context. Buyers are best advised to act quickly, the dye has been cast for prices and interest rates; they are increasing and will continue to do so for the foreseeable future. The only question is how quickly.
About Andy Fazendin
Andy Fazendin is the Owner and Broker of Roger Fazendin Realtors.
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