Hi ,

Here's what's going on in the real estate market this week!  Plus, take a look at my open houses and either drop by to take a look, or tell a friend who might be interested.

Market Update
It feels like it's all about interest rates right now.  The news says that the Fed is poised to cut in September and it just seems like buyers are pausing a bit to see what that means for them.  If you want to know, just ask and I'll tell you!
Rates right now for 30 year loans are around 6.4%.  If the Fed decides to cut their lending rate by 1/4 point, then your mortgage rate might end up reflecting almost all of that.  That could bring your rate to 6.20% - 6.25%.
If the FED is more aggressive, with a 1/2 point rate cut, then your mortgage rate may end up between…

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Here's the news of the week and my take on how that might affect your buying or selling decisions:

Market Update

1) Interest Rates - with 30 year rates sitting at just under 6.5% and 15 year rates at 5.99%, you'd think that might stimulate buying activity.  I just don't see that yet.  Rates have certainly edged down over the past couple of weeks, according to Mortgage News Daily, but not enough to break the lull that's settled on housing sales.  Financial people are now thinking the Federal Reserve Board is ready to reduce rates by another 0.25% - 0.50%, but that's not fully refected in mortgage rates yet. 

2) Supply and Demand - both are down from levels we saw this Spring, but it feels like demand is softer than supply.  That's affecting…

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I'm not one to sit down with a pile of data and try to then put a chart in front of you to convince you of something.  I prefer to share what I see in the market from my own experience both with buyers and with other realtors.  So, here's what I'm seeing in the market...

Market Update
Summer Lull?  I know that sales typically slow in the summer and pick back up in the fall, but what I'm seeing right now feels like there's more to the story than that.  The market HAS slowed down.  On the buy side, I see buyers less engaged, less excited about their next home, less ready to do something right NOW.  On the sell side, sellers are still more likely to stay where they are AND I'm reading comments from my Realtor colleagues (from our online forums) that they,…

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Just a quick note about my two open houses this weekend...

I have two listings (and am about to pick up a third...) in the Centre Village building in downtown Minneapolis.  One listing is a 2 bed / 2 full bath condominium and the other is a 1 bed / 1 full bath condo.  If you fit any of these descriptions of potential owners (or know someone who does fit), let's go take a look!

Here's the "why" about who's owned and who's interested in these right now:
1)  You work downtown.  I represent and have met a number of owners who bought when these units first came up for sale in 1985 and they're here because they work and live downtown.  I talked to one condo owner who doesn't even have a car!  If you work downtown and you want your morning commute to be an…

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I'll be hosting open houses in Edina and Eden Prairie this weekend.  If these are your cities of choice, stop by and say hello!  If you're looking elsewhere, let me know where and I'll send you my favorites for that city or neighborhood.

Here's where I'll be this weekend:
Saturday, August 3, 2024, 12 noon - 2pm
9716 Mill Creek Drive, Eden Prairie, MN
$295,000  2 bedrooms, 2 bathrooms, 2 car attached garage, 1810 square feet
More info here:  https://rem.ax/3SD6x4P
If searching for a townhome has you frustrated because they're all basically the same design, you'll be pleased when you walk into this one on Mill Creek Drive.  Although it was built in 1974, it has the look of a mid-century with woodwork, exposed beams, 2 woodburning fireplaces and a more open floor…

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Interested in what's going on in the local real estate market?  Here you go...

Buyers, you may be in luck!
Over the past couple of weeks, two things have happened that are good for buyers:
*  Interest rates have fallen almost a full percentage point and are now sitting at 6.40%, according to
Mortgage News Daily.  You just picked up some buying power.  Couple that with...
*  Homes are sitting for longer on the market and price reductions are much more prevalent.  The power is moving back to the buyer.  Maybe not all the way, but directionally for sure.

My advice?
Here's a scenario.  A home that you love has just come on the market.  It looks perfect and you're thinking that it'll get snapped up in two seconds like usual.  Except it doesn't.  It actually…

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