mortgage rates 2021

Weekly Market Update 2/19/21… will low mortgage rates continue?

Showing data hasn’t caught up yet… still only updated to February 4, when it was 23.7% ahead of last year. I am anxious to see updated numbers, it has sometimes been hard even getting an open showing time… feels like the old days of competing for concert tickets! New listing are lagging behind last year….

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2021-01-historical inventory4

January 2021 real estate update… inventory continued to drop

Data is in for January 2021 and inventory continued to drop, even more than in  December. Last year started looking hopeful for inventory, even a little ahead of the year before in March… but then started falling when Covid-19 came to live with us, with December 2020 ending 35.6% below December 2019. And January ended.

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2020-annual sales price

2020 Annual Twin Cities Housing Market Review

Home sale prices, rising steadily since 2011, again marked the Twin Cities Housing Market annual review, with average sale prices rising 7.8% year-over-year in 2020. This pales in comparison to inventory, however, which fell by 17.8% in 2020… a dramatic drop from a peak of 27,640 homes for sale in 2007 to only 5,080 homes.

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house questions

Will there be a glut of foreclosures as homeowners leave forbearance plans?

According to the latest report from Black Knight, Inc., a well-respected provider of data and analytics for mortgage companies, 6.48 million households have entered a forbearance plan as a result of financial concerns brought on by the COVID-19 pandemic. Here’s where these homeowners stand right now: 2,543,000 (39%) are current on their payments and have left the program.

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right time to sell-short

Weekly market update 1/29/21… is now the right time to sell?

Buyers aren’t letting winter or Covid keep them from viewing homes… showings are on an upward trajectory. We have the advantage of a mild winter so far, encouraging news that the coronavirus is slowing down for now in Minnesota, and the vaccine provides hope on the horizon. Showings were strong last year at this time,.

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2020-12-supply of inventory

December 2020 real estate market update… only 0.9 months supply of inventory!

December 2020  inventory dropped 39.3% behind December 2019. But even more dramatic was the overall months supply, which also takes into account how quickly properties are selling. Overall months supply of inventory dropped 47.1% to 0.9 months… the lowest ever. An even bigger shocker is months supply of inventory by price range. The market is.

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