The local housing market November 2022

There are so many articles about home prices declining yet here in St. Paul and in the Metro area prices are rising. They just are not rising by as much as they did last year. No one is losing money. It takes less than 30 days to sell a house in St. Paul because the demand is still higher than the supply.

I have noticed that houses are getting multiple offers and on average they are selling for more than the asking price but the sale price seems to be getting closer to the asking price. When there are multiple offers it seems like there are fewer in the pile but since the sellers can only accept one offer we do our best to make it work.

Don’t be afraid to buy or sell a house right now if you need to move. It is going to be alright and if it isn’t alright in a distant state or city try not to notice.

If your agent says you have to sell now before prices go down. Your agent might be wrong. Prices will likely rise in the spring barring any unforeseen pandemics or wars or social unrest. Just the same panic selling will rarely work in your favor.

landmark plaza - lights and leaves
Landmark Plaza lighta and leaves – downtown St. Paul

I like the way some of the trees downtown are decorated with both lights and leaves.

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