Ladies and gentlemen it’s official. The Super Bowl is over and Minnesota homebuyers and MN home sellers are ready to take their next steps toward buying or selling a MN home now. The spring market has sprung! I know it’s still a wee-bit chilly outside – still great for enjoying our Minnesota winter sports like my personal favorite of snowmobiling – but these MN home sellers and MN home buyers and itching to start the process today so that they can be into their new MN homes as soon as that snow melts.
Why does this matter if you’re looking at buying or selling a MN home? It means that if you’ve been waiting for more inventory to come on the real estate market, you’re likely to start seeing it now. It also means that you’re likely to start seeing more competition among those listings from other MN homebuyers who are looking at and interested in the same homes.
As interest rates and home prices remain extremely affordable, the MN spring housing market it heating up! It’s time to get in the game today if you’re ready to own a home this early spring or early summer. Got questions or need to get connected to a real estate agent or mortgage professional in your area? We have had the pleasure of working with some of Minnesota’s absolute best. Let us know if you need a recommendation!
Eleven months may sound like a long – or short – period of time to you, but when it comes to buying a MN home, it’s a pretty good number. The Chief Economist for mortgage guarantor Fannie Mae has some interesting news that should get renters’ attention: Doug Duncan believes “…mortgage rates will edge up only gradually, ending the year around 4.2%.” If this prediction proves true, that gives people almost an entire year to get in position to buy a MN home and still take advantage of interest rates that will most likely not be this low again in their adult lifetimes.
This is an important message that can have huge, long-term positive impact on the financial future of people who take advantage of this low interest rate opportunity. Most industry professionals and experts agree that it’s unlikely interest rates or home prices will go down, so the old phrase “buy low, sell high” applies to today’s market climate.
Let’s make sure the public knows the benefits of homeownership and how it’s key to how most Americans build worth and wealth. I think it’s also important to educate consumers about the fact that the home buying process isn’t confined to just a month or two. We know that people should talk with a lending professional to make a plan to get ready to buy, but the public doesn’t realize that getting qualified can be a process involving different steps over a few months rather than a yes or no answer at a single point in time. We’ve got eleven whole months to get people in position to become homeowners – let’s do this!