Twin Cities Real Estate Market Update October 2022

October 2022 Twin Cities Real Estate Market Report: While the average home is up 8% year over year, they have dropped from their peak in June. This is largely due to the rise in interest rates. Days on market are up slightly, likely for the same reason.

Buyers are still out there, and taking their time to get used to the hight rates. Some buyers are taking advantage of a 2/1 buy down loan product, which is a temporary buy down of the interest rate for the first two years of the loan. The thinking behind this is that they are able to refinance in the future if interest rates come down. This is not an ARM adjustable rate mortgage. If you have questions regarding this type of loan I can direct you to a mortgage professional.

Sellers are seeing less activity overall, however they are still in the drivers seat due to the low inventory. While we are not seeing the “chaos” of the past few years, as long as you price your house “at” the market and stage and market it correctly, your home should sell.

All real estate is local, reach out if you have any questions about the condition in your neighborhood.
Myra Jensen at BRIX Real Estate or check our NW Metro Market Update Reports