Right now, our rates are still super low and a lot of this has to do with the problems happening in North Korea right now. What this does for our market is, it makes financing a mortgage more affordable for buyers. As a seller, it helps give you a larger pool of buyers to work with. Also, as a buyer, it allows you to buy more than you would have been able to afford if the rates were higher.
- Natural Disasters
As you all know, hurricanes have plagued the southern states this summer and those affected are in the middle of rebuilding. It’s impacting us in the Midwest because all of our lumber is being shipped down South to help those people rebuild. This is really impacting new construction and renovation prices here in the Midwest because lumber is not going to be as easily available as it normally would thus making it higher in price.
If you’re considering listing your home soon, now might be a great time to do that with the price of new construction on the rise. If you’re a buyer, I want you to rethink going through the whole new construction process right now, even though it can be a really great option, because of the costs associated with building right now. It may also give you the opportunity to find a great existing home that you’ll be able to move into right away and can provide you with a lot of value.
- 1/4 of all Homes Sold in Winter Months
Almost a quarter of all homes sold in our area are sold between November and February, so this proves to be a great time to list your home. The market is not slowing down and we can’t time out when someone is going to have a job change, kids are going off to college and buyers are looking to downsize, etc. This time of year proves to be a great time to be on the market as a seller or a great time to find the perfect home as a buyer.
If you have any questions about this 2017 Fall Real Estate Market Update, please give me a call (651-303-1200) and I’d be happy to talk with you more about it.