In light of these unusual times I just wanted to shoot you a slightly different report including some information we have gathered from various sources pertaining to the effects of the coronavirus on the real estate market.

Showing Activity in General

Showing activity is down as are the pending listings but they are are not tracking each other exactly. There are fewer showings but the buyers that are out there are presumably more serious (which you will see in the chart published by the star tribune earlier this week - below). You will notice different price points are being affected differently as well.

That combined with sellers possibly re-financing and staying where they are or waiting for things to blow over may present an opportunity for…

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This is NOT Like the Last Time

Source: Keeping Current Matters

With all of the volatility in the stock market and uncertainty about the Coronavirus (COVID-19), some are concerned we may be headed for another housing crash like the one we experienced from 2006-2008. As leaders in the Minneapolis real estate market, we are doing what we can to look for early indicators and ease our clients worries. We are staying up to date on market trends and do not believe this will be another 2008.

However, the feeling is understandable. Ali Wolf, Director of Economic Research at the real estate consulting firm Meyers Research, addressed this point in a recent interview:

“With people having PTSD from the last time, they’re still afraid of buying at the…

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March 19, 2020 by Mike Seebinger

As you have probably heard, the Federal Reserve cut interest rates to zero over the weekend. This news may have caused confusion for many. First, let us start by saying that this does not directly impact fixed mortgage rates. The Fed dropped the federal funds rate which impacts short-term and variable interest rates such as home equity lines of credit (HELOC).

Here are answers to the most-asked questions about the announcement:

How does this affect mortgage rates?

This does not directly impact fixed mortgage rates. It will help keep mortgage rates in a happier zone, under 4%. It will also pave the way for a return to 3% or below rates in the coming weeks.

Does this affect people who have already locked in…

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