What's happening in TODAY'S Twin Cities Market?

Sarah Marrinan,May 16, 2022

In the National News

Purchase mortgage applications rose 5% over the previous week. Although apps were down 8% from a year ago, that number is shrinking.
Apps for adjustable rate mortgages, which often have a lower starting rate than 30 yr fixed, surged to a 14-yr high, comprising 11% of apps.
Lumber prices are falling, down 30% and reaching their lowest level for the year. Prices are still above historical levels but could continue to drop.

What's happening in the May 2022 Twin Cities Real Estate Market?

What does the Minneapolis/St Paul greater metro real estate market look like right now and what do we predict going forward? The real estate market can turn on a dime! Tim Erickson, a Certified Mortgage Planning Specialist at Luminate, and Sarah Marrinan, a Real Estate advisor at E&V and Certified Residential Specialist, share an impromptu conversation about exactly what they are seeing this week in Twin Cities real estate. #CallSarahFirst

Avoiding Regret

Buying a home is almost always a great investment, and of course it’s exciting to find and close on a home that you will get to call your own. That feeling of joy and confidence can fade quickly though if certain things are overlooked during the process. 43% of homeowners have at least one regret about buying their home, and that number jumps to 64% for millennials, according to a recent Bankrate survey. Here are a few tips for ensuring your home purchase is regret-free.

Track Your Home Equity

The equity you have in your home is the difference between the value of your home and the debt you owe on the home.

Home Seller Timeline

In the March Issue of Lino Living, I wrote about the timeline to sell your home. It gives a good overview of the selling process and where to start. If you don't receive that publication, check out Preparing to Sell Your Home or getteing reat.