As we head into the seasonal slowdown of home sales, low mortgage rates continue to support buyer demand, which may, in turn, increase home prices, thanks to more buyers having the ability to submit competitive bids on homes. Throughout the country, the sustained trend of a low amount of available inventory also continues to hinder sales activity.
Nationwide, mortgage rates have increased slightly from the three-year lows seen at the end of Q2. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was expected and factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae predicts that the trend of low rates may continue well into 2020.
By the numbers for the Twin Cities region:
* New Listings increased3.8% to 6,258
- Pending Sales increased4.9% to 5070
- Inventory decreased5.8% to 11,607
- Median Sales Price increased5.7% to $280,000
- Days on Market decreased4.2% to 46
- Percent of Original List Price Received increased 0.1% to 98.1%
- Supply of Homes for Sale for the month decreased 8% to 2.3
Around this time every year, buyers and sellers alike may be wondering if the new year is the right time to buy or sell a home. It can be an intimidating choice to make on your own, but the good news is that our experts are here to help. The dedicated real estate brokers and agents at Helgeson Platzke Real Estate Group have the know-how to make sure your experience of buying or selling a home is painless and timed just right.
At Helgeson Platzke Real Estate Group, we are proud to be a member of Eden Prairie’s esteemed small business community. Since 1995, we’ve offered the very best in Twin Cities real estate, earning our community’s trust as the #1 Sales Team in the Eden Prairie area. With over 4,500 homes sold, our staff has both the knowledge and experience necessary to ensure that your homeownership goals are delivered. If you’re considering buying or selling your Eden Prairie area home this year, now is the time to enlist the help of a real estate professional who can help you make the most of the market no matter the situation.