What Experts Expect From the 2020 Minnesota Housing Market!

So, will 2020 continue to be a seller’s market in Minnesota? Most likely, the answer is still yes. However, the low mortgage rates and Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), said the following in an article on NAR.com, “The mobility rate has been very low as many have opted to stay put for longer,” said Yun. “However, this latest boost – Americans saying now is a good time to move – is good news. With mortgage rates low, the timing is indeed ideal for those who want to enter into homeownership and for those looking to move on to their next home.” Although the seller’s market trend may mean it takes a little extra time to find the right home, your patience will pay off. That said, the Minnesota housing market is typically slow in the January to March time period due to the cold weather and the holidays. So, if you’re shopping now, this may be a good time to grab a house while it’s at a lower price point! Keep in mind that winter is typically the best time to buy a house in Minnesota and once it thaws out, the market becomes more competitive for buyers. No matter if the market favors buyers or sellers, you can reach your goal of owning a home by shopping smart—with patience and persistence. Posted by Twin Cities Habitat for Humanity on 9:37 AM on January 14, 2020