Minnesota housing market update
The new report also says that closed sales fell 19% from a year ago, and new listings were also down
MANKATO, Minn. (KEYC) - A new report by Minnesota Realtors finds home sales in South Central Minnesota have fallen almost 20% since July of 2021.
“July and August are kind of the dog days of summer if you will. Especially, if you think about right now, people want to be on the lake, they want to be having fun. The last thing that they want to do is to worry about showings and looking for a house. They want to be enjoying the last little bit of summer,” True Real Estate Realtor Debbie Ogren said.
The new report also says that closed sales fell 19% from a year ago, and new listings were also down.
Which aligns with what True Real Estate Realtor Debbie Ogren has been seeing.
“The days on market are a lot less because there is so little inventory. There are still a lot of buyers out there, don’t let the interest rates fool you,” Ogren continued.
Another topic that Ogren touched on is the inflation and how it has seeped into the housing market.
“You are seeing some houses come on the market that the prices seem very inflated. I do believe that there are sellers out there that do want to test the market. They are going to list it as high as they possibly can and test to see what buyers are willing to pay,” Ogren explained.
Inflation isn’t the only issue that the Minnesota housing market is battling.
HomeHelpMN program recently addressed the trends that show foreclosure rates and manufactured home evictions are on the rise.
“We’ve heard from home owners across the state, but we know that there are more home owners that are behind than applied for the program. We think there is potentially as many as 25,000 incoming eligible home owners that are behind on their mortgage payments,” Minnesota Housing Commissioner Jennifer Ho said.
That’s why HomeHelpMN is trying to help in anyway they can.
“We have extended the application period, we have lifted the deadline,” Ho stated.
This action was promoted due to the increase in the assistance cap from $35,000 to $50,000.
Now they will accept past-due expenses incurred before January 21st 2020.
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