08 Jan July 2024 Housing Report
Each month the Minnesota Area Realtors puts out a housing report for the prior month! Matt, our broker, breaks them down and offers some insights on the report! Please check them out each month and reach out if you have questions!
The July Housing Report is here for your reading pleasure. Please enjoy through the quick snapshot, blog, or stats at your convenience. 😀
Echoing what was referenced in the blog, July and August definitely saw a slowdown in buyer activity across the board. Homes that were 100% updated and perceived “deals” still sold relatively quick, while the rest experienced a more tire kicker mentality. In my opinion, this was a combination of that natural summer swoon as well as waiting for that hopeful break in rates. In addition, I think buyers are simply waiting to see what else hits the market. Considering options are not as sparse as they once were, the underlying sense of urgency has subsided across the buyer demographic. And even though inventory levels suggest sellers are still in control, buyers are becoming pickier.
So…what’s your tip for the month? Although it is not referenced in the housing report and thus not discussed above, PLEASE get educated on the new rules surrounding realtors. There are countless articles about the changes that took place over the weekend and unfortunately, most do not do a great job at explaining what happened and more importantly, what it all means. I have said this before, but the modifications that took place towards compensation are 100% for the better. However, a muddy, sometimes uneducated explanation has resulted in further confusion across the board for buyers and sellers alike. Even if you are not remotely in the housing market and want a more concise rundown, please just give me a call or shoot me an email and I will do my best to give the cliff notes version.
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