Minnesota Housing Market Crash STARTED!

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Home prices have made their first significant DROP since 2012! Could this signal a housing market crash for Minnesota? This Twin Cities Real Estate Market Update will tell you how much home prices have fallen, which COUNTIES were affected the MOST and how it impacts Home Buyers & Sellers in Minnesota.
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Joe Carmack, Minnesota Realtor®
Keller Williams Classic Realty
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Опубликовано:

6 авг 2024

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Комментарии : 14

@davidmason4729 Год назад

What would you say is going down sooner home prices or rates? Is it better to buy now when competition is low and rates or high or wait for prices to come down and competition could be higher?

@LivinginMinnesota Год назад

Hmm. Great question! Quite honestly, we don't know if/when/how much either rates or home prices will change - up OR down. I'd assume both will come down somewhat, but it's anyone's guess as to how significantly. That's a big reason why I really don't advise people try to "time" the market, or hold off for the "prefect" time. Buying RE and holding it over the long haul is how people build wealth. Whether you bought too soon/late and lost a few grand on the front end doesn't make that significant of a difference 10 years later. As for rates - you can always refinance later if they improve substantially, and the cost to do so isn't terribly high ($2-3k maybe) so it's worth the savings on interest pretty quickly once rates come down. Renting also isn't a bad thing in the short term, if you're able to make significant progress in other areas of your finances like paying off consumer debt. The 'problem' I see is that people don't fully realize the benefit of compounding appreciation over time, and wait far longer than they need to before buying.

@animat8 Год назад

Hmmm. I live in suburb next to Minneapolis and my house went up $18,000 last month according to Zillow. Thats the biggest increase in 1 month have seen in 23 years.

@LivinginMinnesota Год назад

Unfortunately Zillow is infamously inaccurate on their estimates. Which suburb? I'll look it up and can tell you how the city has done. Some are up, some are down.

@lowercherty Год назад

That average price would buy five houses in some of the smaller towns around Hibbing.

@LivinginMinnesota Год назад

I bet so! Also, would buy about 1/5 of a house in other areas. 😆

@tsniebeling Год назад

Seeing prices in the suburbs go too. People know what's going on. With taxes in the city and businesses leaving, they don't want to be left holding the bag.

@LivinginMinnesota Год назад

Which cities are you looking at? I can look up their prices specifically and see how they're being changing if you'd like.

@GmaMom Год назад

Wright County?

@LivinginMinnesota Год назад

Looks like Wright County had it's first negative number in February, and is currently down $1,810 since January. It's also the only one of those four counties that had an average sale price that was less in May than in January (all of the other 3 were higher in May than they started the year in January). (Looking at Anoka, Ramsey, Hennepin and Wright)