This little infographic is from the National Association of Realtors . . . of which I am a member. Real estate is local and on a local level in St. Paul Minnesota I am seeing a shortage of homes for sale in almost all neighborhoods and price ranges. I am also experiencing situations where lenders have such tight standards that sometimes home sales are not closing as a result. Like the chart says “mortgage accessibility remains tight”.
In other words it isn’t always easy to borrow money to buy a home. Interest rates are oh so low and most of my clients are finding that buying is cheaper than renting.
I’ll go out on a limb and predict that prices will go up more than 4% in St. Paul this year. 🙂 Home sales will not increase by 7.55 in the St. Paul area unless people start putting them up for sale. There is no truth to the rumor that houses don’t sell in the winter because they do and they will.
