DEC 2023 - Minnesota Real Estate Market Update

Подписаться 3,1 тыс.

50% 1

BIG drop for Rates! This month we'll discuss changes in home prices, how long homes are taking to sell & seasonality will affect upcoming buyers. Everything you need to know about the Minnesota Real Estate housing market update for the Twin Cities in 2023. I'll share with you my predictions for buying and selling a home in 2023, and let you know if a housing market correction is expected.
📚Grab our Home Buyers Guide, here: 👉 linktr.ee/JoeCarmack👈
#buyingahome #marketupdate #movingtominnesota
If you're living in Minnesota or thinking about moving to Minnesota and looking for the best Twin Cities suburbs, this is the channel for you! We help answer questions like what are some of the best neighborhoods in Minneapolis for families, where you'll find the best places to live in Minnesota. Let us be your local Twin Cities real estate guides to the best neighborhoods in Minneapolis and St Paul, and the surrounding suburbs as well!
Joe Carmack, Minnesota Realtor®
Keller Williams Classic Realty
(763) 291-8083@
jcarmack@kw.com
👉 DOWNLOAD my CONTACT CARD 👈 vcard.link/card/D6VN
📚Grab our Home Buyers Guide, here: 👉 linktr.ee/JoeCarmack👈
🙋‍ LET’s CONNECT!
Facebook: bit.ly/KWJC_FB
Instagram: bit.ly/KWJC_Insta
TikTok: / livinginmn
🍔 LOVE FOOD? Check out ANOKA COUNTY EATS: bit.ly/3tqYutw
📲 FIND HOMES on my Home Search APP: bit.ly/KWJCapp
💸 Get PRE-APPROVED: bit.ly/2uIS2Vc
🤝 Important info on AGENCY in REAL ESTATE: bit.ly/3m1kTvb
❤️ We support fair & equal and housing opportunities for all! ❤️

Опубликовано:

11 дек 2023

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 4

@jocelynnavarro8347 7 месяцев назад

Really sad to see such outrageous prices from homes in MN.

@LivinginMinnesota 7 месяцев назад

It's all relative I suppose.

@empTax-kb6yn 7 месяцев назад

Honest question . Do you think historically high housing price is sustainable in MN? There is negative migration in the state and median house has monthly payment of 3k. How many can afford and for how long?

@LivinginMinnesota 7 месяцев назад

Really great question, I appreciate you asking. Here are some thoughts: 1. "historically high housing prices" is what would happen every single year if we hit the government's target rates for inflation, which I believe they shoot for +2-4% per year on home prices. I couldn't tell you the science behind how they come up with that number, but it's what they say makes a "healthy" economy. So with that - each year, on average, would make a new 'high' on home prices. So don't let that scare you. 2-It's all ultimately a relation between how much people are making and the cost of goods, including houses. MN has one of the higher median incomes, and is in the middle for home prices. That's a pretty good spot to be in. 3 - Prices are determined by supply and demand. Currently we're seeing a lot of demand and low supply, which drives up prices. This year it's slowed, as you saw on this market update. Because we had been seeing price increases much more than ideal the past few years, I think it'll be really healthy for our market to see less/no increases from this year - which would give wages a chance to catch up. So, to answer your question - no, I don't think we'll sustain the same increases as we have been seeing. And also, there's still a ton of demand which will keep prices from falling significantly, especially once interest rates come down which will cause more demand. Hope that helps!