The Changing Real Estate Market

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The change isn't obvious in the Twin Cities yet but most Realtors will tell you that a shift is slowly happening. For every house that flies off the market in multiples another one lingers. Higher interest rates have forced some buyers to adjust their sails. They're no longer fighting over every house available or making sight unseen offers especially if your house doesn't meet their criteria.

Sellers in multiple offer situations might get fewer offers than they would have several months ago. Buyers who still find themselves in multiple offer situations are still forced to write very competitive offers, waiving inspections and offering much higher than the original asking price. Sellers who don't find themselves in multiples have been forced to lower their expectations and their prices.

With interest rates on the rise and the number of homes available for sale continues to increase a more noticeable shift may be on the horizon. That may not feel great for everyone but buyers will no longer have to sacrifice everything they have just to secure their dream of home ownership.

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From all of us at Matt Engen Group thanks for reading.

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