In 2017, people looking to buy homes had difficulties holding onto their dream listings due to the large amount of competition and ascending prices. While these factors put sellers at an advantage, many buyers were forced to compromise when it came to locking in their favorite home features and locations. Whether you’re a buyer or a seller, knowing what kind of market you’re dealing with plays a big role in your real estate success.

This is why it is best to work closely with a local Realtor® who has extensive knowledge of what lies ahead in the world of real estate during the 2018 season. To get you started on your journey, here is a brief snapshot of what you might expect if you are buying or selling a home. 

Local Realtor Highlights the 2018 Housing Market

What Should I Expect From the Minnesota Housing Market in 2018?

Similarly to 2017, local Realtors forecast this year will likely be a seller’s market, with high competition amongst buyers. Despite a 30% increase in residential construction towards the end of 2017, new homes at lower price points are still being produced at much lower rates. On the other hand, people who are looking for homes priced $350,000 and up will have an easier time since new home production at this price point is set to increase.

Why Should You Invest in Minnesota’s Housing Market?

Although it will be difficult to see new home production at lower price points, the mortgage loan interest rates in Minnesota are forecasted to only jump to 5%. This is still below the normal average of 8% for a 30-year fixed loan. Also, with booming businesses and low unemployment rates, Minnesota’s living standards are quite high. This will make it much easier for individuals to buy homes at higher price points in 2018. 

To help you navigate the housing market in 2018, it is important to find a local Realtor you can trust. Luckily, top Realtor Justyna Johnson –  Edina Realty in Woodbury, MN, is just a phone call away. She works with her clients every step of the way and even offers a number of extra resources, including home staging and a skilled handyman to repair issues before selling your home. For more information about her services and listings, find her online or call (651) 501-2345 today.

You’ve heard of Zestimate? You’ve heard Estimate? Now what is a TRUSTimate? Text HOME to (651) 501-2345 for your accurate, FREE online property report. Note: You will receive no calls, spam, or sales communication. Just the facts – FREE from your local top Realtor — Justyna Johnson of Edina Realty. She is always there to serve you!