Twin Cities Property Finder · David Olson, Broker · MN #BK3603584 · Whitefish Property Finder · MN #40646463 · Licensed in Minnesota, Wisconsin and Florida
The latest Housing Affordability Index from the National Association of REALTORS® shows an interesting trend taking place this year that needs buyers’ attention.
Here’s what to know, whether you’re selling, buying or just curious.
Here’s an honest look, whether you’re selling or buying.
What to know
Most people know that the mortgage rates are still at incredibly low rates but don’t feel there is much sense of urgency.
This report shows that mortgage rates have fallen from 4.37% in January to 3.81% for June. However, the report shows that the payment as a percentage of income has gone from 12.1% to 13.9% which simply means that buyers have to spend more of their income on a home.
The two major components of housing affordability are the price of the homes and the mortgage rates a buyer must pay.
More details
Even if one of those components is going down, the other could have a significant affect as is shown in this year’s trend in housing affordability. In the past few weeks, the effects of which are not show in this report, mortgage rates have been moving up.
Home buyers and investors who have been taking a wait and see approach need to make a decision if now is the time to act.
A simple plan for your move
I’ve been helping people sell and buy homes across Minnesota, Wisconsin, and Florida for about two decades, and I build and remodel luxury homes too. I’ll help you see both what a property is and what it could be.
Getting the house ready, or making it yours
If you’re selling and want repairs handled before buyers see them, Super Crew Contractors can give you an estimate. If you’re ready for something custom, Ivy Lane Homes does luxury home building and remodeling. And a quick coverage check with Intrinsic Insurance before closing can save you a surprise. Ready to talk? Start a buyer plan or ask what your home is worth.
Super Crew Contractors, Ivy Lane Homes and Intrinsic Insurance are owned by David Olson; you are free to use any contractor, builder or insurer.
Your next step
Every move is different. Whether you’re selling or buying, I’ll help you make a plan that fits.
Please note: I don’t handle rentals or property management. I work with sellers and buyers, and that’s where I can help you most in the Twin Cities.
Stay close to the market, without the noise.
Every so often I send a short, practical note: what Twin Cities homes did, prep tips that are worth the money, and neighborhoods worth a look.
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I’m glad you’re here. A quick confirmation is on its way to your inbox. Whenever you want to talk about your own home or a move, I’m a call or text away.
