St. Croix Valley Real Estate Market Update – Fall 2019

Hi. I’m Judy Craigg with Edina Realty
and I just want to give you a quick update on what’s going on. We’re in the
third quarter right now for 2019 and some of the market stats that are out
there right now for the remainder of this year are somewhat status quo. I
know that a lot of my clients are concerned about what’s going on with the
China trade tariffs and how is that impacting housing and other questions
about well should I sell now or should I wait till next spring. So, I wanted to go
over a couple of these things. What I have found, you know, we can watch the
markets, we can watch what’s going on with rates, and of course right now
rates are really still low for mortgages so that’s kind of been just status quo
for a while. We can watch some of the other factors of the economy, but the one
factor that I have found that really impacts home sales are consumer
confidence. So when people are feeling good about the economy, they’re feeling
good about life around them, they are buying homes, they’re making changes. If
you’re wondering right now should I sell my home now or should I wait till next
spring? I think you’re gonna be fine either way
except I like working with a known commodity like we know right now that
the rates are good and consumer confidence is high, so there’s no reason
to wait. We also have a really low inventory and to give you an idea of
what that looks like, we have about 11,000 homes on the market right now and
compared to 10 years ago it was 30,000 so it was a different market ten years
ago. When I look back over my career, we had way more inventory and it was more
of a buyers market because they had a lot of different homes to choose from.
Right now we are in extremely low inventory, so it’s a seller’s market. Sellers are getting a great price for
their homes and then we are being really creative in the real estate industry of
helping people find the right home once they sell.
So, just to recap for you, in the market that we’re in right now
we’ve got very strong consumer confidence, we’ve got low rates, and we’ve got
low inventory. As a seller, it’s a really great time to be selling. As a
buyer, we can help you and the rates are awesome to get a mortgage, but this is
just good to revisit this for you and if you have any more questions about this
I’d be happy to talk to you. I’m at 651-303-1200.

Leave a Reply

Your email address will not be published. Required fields are marked *