The New Richmond and St. Croix County housing market continued to see average home sale appreciation over the past 12-months but the housing market correction is on its way. Research shows listings are down from a year ago. That the number of showings per listing are slowing. That sellers are reducing their list prices after going on the market at a faster rate. Mortgage and new construction applications are slowing. More importantly 30-year mortgage interest rates have climbed faster than anticipated to 5.5% and higher pushing more and more potential buyers out of the housing market. The Federal Government is going to continue to raise mortgage interest rates through the end of 2022 to combat inflation. The end result with the supply and demand saw too many buyers for the number of listings has started to reverse and we will start seeing fewer buyers, which in turn will drive home inventory upwards. We are at an inflection point and as we go deeper into 2022 we will start to see flat lining of home prices, and appreciation.
John and Becky Durham of the Durham Executive Group and RE/MAX Results are a husband and wife real estate team with 40+ years of combined real estate experience. We are licensed Brokers and Realtors in both MN & WI. We are also certified luxury home marketing specialists (CLHMS) allowing us to help you sell your home for more money and better terms. We would appreciate the opportunity to discuss our unique boutique real estate services to help you sell, or buy your new home.
Contact John Durham – 651-231-2191
Contact Becky Durham – 651-231-2192