The Advisor May 2022
Did you miss the boat? Some well-recognized news outlets have started reporting that the window for home sellers is closing rapidly and time is running out to cash in on their home sales. I call bullshit! That’s right, the reason I call bullshit is there is still WAY TOO much pent-up demand for homes in all price ranges. We are seeing record amounts of people schedule showings and we are still setting new sales records all across the metro. Our current inventory level is still less than 1 month of supply with no indicator supply is going to improve drastically in the next 18-24 months. It is true that interest rates have increased. Is it making buying a little more challenging? Is it affecting a buyer’s purchasing power? Absolutely. We are no longer getting the 2.5-3% mortgages. We are now at 5 1/2%. That doesn’t mean that all of a sudden you missed your window to buy or sell. The interest rates sliding up will discourage some people from buying, especially at the typical entry-level price points. The dollar amount people can afford has been slightly decreased however there are still very qualified buyers hunting for a new home. These conditions typically favor those who own and are ready to sell. Don’t let news discourage you or say you’ve missed the window to buy or sell a home if that is what you want to do. It is imperative that you have a plan. If you are considering selling a property this year, it will still be an incredible time to execute your well-designed plan. If you do not have a strategy, I highly encourage formulating the best-personalized strategy for you as the competition will be intense and you have only one opportunity to impress those in the market today.
Upcoming Events Around Town: •
Old St. Anthony Mother’s Day Market: May 8th
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St. Paul Art Crawl: May 13-14 -15th
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Twin Cities Auto Show: May 14-22nd
Minnesota Bridal & Wedding Expo: May 15th •
Art-A-Whirl: May 20-22nd
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Edina Art Fair: June 3-4th
Ask us a question! Due to today’s intense competition, we welcome all questions.
Current Market Stats New Listings = -13.8% Pending Sales = -9% Median Sales Price = +10.9% % of Original List Price = 102.7% Avg. Days on Market = 35 Days Inventory of Homes For Sale = -13.3% Month Supply of Inventory = 1 Month
***All data provided by the MLS year-over-year comparison through April 9th, 2022.
RYAN PERTILE TELEPHONE +1 612-805-0059 E-MAIL RYAN.PERTILE@EVREALESTATE.COM ENGEL & VÖLKERS MINNEAPOLIS 1601 HENNEPIN AVE • MINNEAPOLIS • MN 55403
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