The economy is very strong and housing will remain healthy – however we will see a shift in the housing market, and in fact, it’s already underway!
2018 has been an interesting year in the Twin Cities housing market. The media says housing market is hot, or is it? Is it a seller's market or a buyer's market? In some areas, the winds of change are blowing!
Clear signs show that the housing market is shifting. And it’s clear that especially in the upper half of the market we are seeing an accumulation of inventory, unit sales decline and prices softening.
So what’s going on?
For people who are above median income, the tax act did very little, in fact, it will cost those more! Medium to upper-income Americans went to see their tax accountants in the 2nd quarter to try and figure out the impact of the 2017 tax act and the answers they got shifted their priorities.
Twin Cities baby boomers want to move out of their larger homes and begin the downsizing process. One big problem – there are not enough financially fit Millennial, Generation X or foreign purchasers to soak up all the large, 2 story homes owned by boomers and all the large homes the builders are putting up. Plus, the baby boomers are competing with the first time buyers for the lower cost inventory of homes.
The market has shifted and the prices of 3 or 6 months ago are yesterday and we will need to adjust marketing and pricing strategies. Don’t get caught thinking long game when you need to be thinking short-term and move quickly on your feet.
Should you move now?
What will never change is that all twin cities home buyers and sellers need to make their move when the time is right for them. For some people, this means following life's changes. For others, it means timing the market. Find a trusted, local expert that can keep you updated on market trends and prepare you for your next move.
Other interesting article from the web: Best of 2018
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