Twin Cities Real Estate Market Update: November 2021

Big news in the real estate world this week with Zillow shutting down their ibuyer program, where they purchased homes directly from consumers and resold them on the market. It was tough for Zillow to stay profitable with this program, even though it is a strong seller’s market.

The ibuyer model is still available through other sources to sellers who would rather sell their home directly to a company or investor. Many sellers will accept less money for their home, or are willing to pay higher fees for the convenience of having their home sold without the hassle of getting it ready to sell and listing it on the market. Feel free to reach out if you are interested in a comparison of how much you could net in any of these scenarios. All real estate is local, and it is important to have a realtor that understands the local market and how conditions impact you. Myra Jensen at BRIX Real Estate 763-227-0618

Twin Cities Market Update:

In the Twin Cities region, for the week ending October 23:
• New Listings decreased 5.3% to 1,343
• Pending Sales decreased 14.7% to 1,235
• Inventory decreased 15.8% to 8,130

Mortgage rates are on the rise, with the 30-year fixed-rate mortgage averaging 3.09% for the week ending October 21, 2021, according to Freddie Mac. Rates have climbed nearly one-third of a percent since early August. Despite increasing rates, which are projected to remain above 3% for the fourth quarter and rise even further next year, economists are expecting the housing market to continue to be active into 2022, thanks in part to strong buyer demand and increases in new listings. FROM MINNEAPOLIS AREA REALTORS®

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