Neighbor News
Is The Prime Buyers Market Passing?
With prices on the incline and interest rates starting to rise, the best buyers market in history may be passing!
In the last year, home prices have averaged a 10% increase in value. This may seem like a large increase, but a large part of the better values is in part due to the large decrease in the number of distressed properties on the market. The less competition against distressed properties, the better price a regular seller will see. Home prices are still at a great value, but the prime market as far as pricing goes is passing.
The other factor to consider today is the recent jump in interest rates! In the last month interest rates took a significant jump causing buyers to jump on properties before they go any higher. Every time interest rates increase, it causes you to pay more in your monthly payment for the same property!
Honestly, it is still a great time to be a home buyer, but the best opportunities may be passing! If you have been considering a move, feel free to get in touch!
Brian Webb is a proud Homes for Heroes affiliate for St. Croix Valley. He represents clients in Hudson, River Falls, Stillwater, Woodbury, Oakdale, Afton, and surrounding Twin Cities Areas! He assists with buying, selling, investing, and property management of your home! He offers free advice and consulting services, contact him at HudsonRiverFallsHomes.com
