2024 Real Estate Market Perspective…
Explore these graphs to help understand the economics of real estate.
Inflation affects Mortgage Rates
Banks and Investors want a return greater than annual inflation.
Add 2 to 3% to Inflation to predict Mortgage Rate trends.
Mortgage Rates are below the historical average of 7.74%. Secure your mortgage now to lock in your housing cost.
Mortgage Rates affect Affordability
As mortgage rates have increased, the percentage of income to qualify has returned to prior historical levels.
Since 2000 – Housing has remained parallel with average hourly wages and has NOT increased as fast as college tuition, medical services, child care, food and beverages.
It’s time to get where you want to be.
The rate of change in prices up or down is impacted by market forces and government intervention. Regulation and Federal Reserve Policy… hard to predict.
Trend Lines indicate that over time Real Estate remains a steady investment.
Demand for housing is keeping the real estate market stable. Follow the link for Wells Fargo Economists’ latest report: National Housing Outlook.
Let’s put the Real Estate Market into perspective…
Explore these graphs to get the whole story.
Over 50 years of data shows that now is a better time than ever to purchase a home.
Concerned we are in a bubble; you can be reassured by looking back over the past 30+ years of annual appreciation and see that we are on a steady path of growth.
Rates are still great! We have been at an all-time low for about 10 years. The historic average is 7.91%... Take advantage of half price money and make a move today.
Timing the market...
Homes sell year-round. Seasonally more buyers enter the market in February and March; with a large portion of homes closing in April and May.
We keep hearing about Inventory shortages...
More homes were sold in 2020 than the prior peak of 2005.
Pricing Matters… the Market moves
Every year the market surges in the Spring and declines in the Fall. Overall trend is up.
If you buy and sell at the same point in time seasonal variation does not matter as much.
How should we price our listing?
Note: If you over shoot the market, offers tend to come in below list price.
When a property is priced right, buyers see the value and offers are at, or above the list price. When you price your home accurately you actually get the best price!
Joyer Home Team – A Glance back at 2021
For the past 25 years the Joyer Home Team has helped an average of one client per week move.
Can we help you this week?
Twin Cities Market Update - June 2022