Are you thinking about buying or selling a house in Minneapolis St Paul? Learn about these 5 ways the real estate market is changing in 2020.
The real estate market is always changing. In 2020 it is important to know what to expect before you buy or sell a house in Minneapolis St Paul. The second quarter of 2020, we here in the twin cities along with much of the country was shut down and in our homes because of the Corona Virus. It slowed down the spring market and as we came out of it, it picked up again. In our latest post, we will work with review some of the ways the market is changing and what you can do to be prepared. If you have questions regarding any of the topics below, don’t be afraid to contact our team! So… what can you expect from the real estate market in 2020?
The Rise Of iBuyersReal
The internet has opened the door for us to do so many things remotely. The Minneapolis St Paul real estate market is changing before our screens in 2020. We are seeing all over the place where you can buy and sells cars online, and sell a house all without leaving your couch. While this convenience is great in all sorts for ways, there are some things that are better done face to face. Many good people think that it is going to be easy and go ahead and start the process of selling their homes to an iBuyer, without realizing the consequences. Selling to someone who isn’t local and who can’t come see your house for themselves can cost you thousands. When you look closely at their contracts there are all kind of outs for them if things do not go as they like. If you are getting close to closing with them and they decide to use one of their contingencies, you could be thinking your house is as good as sold, but then its not. While iBuyers are gaining in popularity, homeowners are realizing that selling to a direct buyer who is local and experienced will help to get a great price in less time. You can look them in the eye and know who your are working with. And when you work with Minnesota Cash Home Buyers, there aren’t any commissions or fees to worry about.
Agents With Multiple Solutions
Agents are bringing more to the table than just listing houses or taking buyers to see available properties. More and more agents and investors are working to offer multiple solutions to Minneapolis St Paul homeowners who need to sell a house fast. People are realizing that the real estate world isn’t so black and white. Home sellers in Minneapolis St Paul require multiple options in order to successfully sell a property they no longer want. There is more than one way to sell a house in Minneapolis St Paul and companies like Minnesota Cash Home Buyers are here to help you find the right solution for you, your property, and your situation. We can list your house on the MLS, buy it for cash or it might be best for you to sell it on contract so you would have income coming in every month for the duration of the loan. We are in the solution finding business and look forward to helping you.
Interest Rates Are Dropping
In an effort to stimulate economic growth, the Federal Reserve will lower the interest rates to keep the economy going. Over the past four years or so we have seen interest rates drop then go up a little bit, while dropping again to an all time low. With this most recent cut, homebuyers are finding loans with interest rates that are causing many to refinance, buy their first home or sell and up size to a new home. If you live in a house that isn’t right for you, the time may be right to sell your house fast in Minneapolis St Paul. You can then put your selling proceeds down on a new house, financing at rates that are unheard of. If you have been thinking about selling your house in Minneapolis St Paul to find a house that is better suited for you, now may be the perfect time to buy and take advantage of these surprisingly low rates!
Home Prices Are Slowly Going Up
Over the years we have seen the real estate tends to appreciate in value at an average , the rate at which properties are currently appreciating is relatively slow compared to a few years back. The truth about real estate prices is that they don’t always go up. We work with many homeowners in Minneapolis St Paul metro area who have held onto the wrong property, for way too long. There is all kind of reasons why they have done it, some inherited it from parents and it have emotional meaning to them, while not really meeting their current needs. Maybe they purchased right as the bubble burst and they think one day the price will bounce back to what they paid. Unfortunately, for many people who purchased a house in Minneapolis St Paul during that time, they won’t be able to capture what they once paid. In 2018 home prices rose by an average of around 5%. In 2019, that number dropped to 3.3%. There aren’t any signs that home prices will drastically rise in the near future. If you are ready to sell for something new, now is the time to make it happen.
Baby Boomers Are Selling
Baby boomers all over the country are influencing the real estate market in 2020, with permanently changing how business is done. they were the largest buying segment of houses for decades and now they are starting to sell in huge numbers. Most of them have lived in their houses for over 40 years are beginning to sell off their unwanted properties, some are moving into retirement communities, townhouses, condos and assistant living locations. Once the kids have gone, a large house becomes more of a burden than a blessing. Many have lost the zeal to enjoy all the little things they loved as a younger person like painting, yard work, and working on projects. With them moving on to the next stage of life, baby boomers all over the Minneapolis St Paul area are exploring the benefits of a fast sale. Seniors all over the US are selling their too-large homes and using the proceeds to travel, knock items off their bucket list, and purchase better-suited properties. Some are moving in with the kids to help raise their grandchildren and help pay the expenses with their children. If you are a senior homeowner who is ready to sell your house in Minneapolis St Paul for a property that makes more sense, we know exactly how to help. We can help assist you in a fast sale and help you find your new place, we can do it all right here at Minnesota Cash Home Buyers. Over the years we have helped people who want to downsize, even if they have lived in the house for many years. Our process makes it easy to sell and manage years of unwanted belongings.
Do you have questions about the changing real estate market in 2020 and how it will affect you when buying or selling a house in Minneapolis St Paul? Don’t be afraid to reach out! Our experienced team is happy to help you get answers to all of your real estate questions!