Nationwide, March 2026 closed home sales were the slowest since 2009. Does this mean it is time to wait?
Sales usually close about 4-6 weeks after pending, which means March closings were the result of January-February sales, which are usually slow because of winter… and were also unsettled because of the influence of Operation Metro Surge in our market this year.
Listings are increasing again, and sales will follow. Just be careful not to make the two top mistakes buyers can make…
Putting off pre-approval
While house hunting can be a lot more fun than talking about finances, make sure you get your pre-approval first before you go house hunting. In our market, you can’t make an offer without it. Having your financing pre-approval in hand, you don’t have to worry about falling in love with a house you can’t afford… and won’t miss an opportunity to put a bid on your next home.
Buying more house than you can afford
Focus on what monthly payment you can afford rather than the loan amount for which you qualify. Be sure to factor in utility costs, home maintenance, home insurance and taxes, which are all on the rise.
Don’t overextend so you find yourself house poor.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
