Why Are Things Looking Up in Our St. Cloud Market?

According to the latest market statistics, it’s a great year to be a buyer or a seller.

Looking to buy in St. Cloud?  Get a full home search

 Looking to sell in St Cloud? Get a free Home Price Evaluation

Whether you’re buying or selling in our market, I have some good news to share with you today. Let’s start with a few statistics to give you an idea of where the market currently stands. 

There have been 1,095 home sales in the last six months, which is a really good number. We currently have 439 homes waiting to close, or what we call ‘pending sales.’ That number is up quite a bit from last year. Our inventory has also grown quite a bit. At the beginning of the year, we had about 654 homes on the market, and today we’re up to 807, which is a little less than the 1,100 to 1,200 we would’ve had last year. If you’re a seller, this means there’s a good chance your house will sell in a reasonable amount of time. 

If you’re a buyer, the really good news is that mortgage rates are close to record lows. In fact, on a 30-year fixed rate for a conventional loan, you’re looking at rates in the 3.75% to 4% range. For FHA or first-time buyer financing, rates will probably be in the 3.5% to 3.75% range. If you’re considering financing 15 years or less, your rate will be quite a bit better. 

It’s a great time to be a buyer or a seller.

If you’re thinking about selling, it’s a great year to do it. If you’re thinking about buying, you’ll save a lot of money over the life of your mortgage with rates where they are. 

If you have any questions about our market or you’re thinking of buying or selling a home, don’t hesitate to reach out to us. We would be happy to help you.

St. Cloud Spring Real Estate Market Update

News is good across the board in the St. Cloud market as we head into spring.

Looking to buy in St. Cloud?  Get a full home search

 Looking to sell in St Cloud? Get a free Home Price Evaluation

There's good news all over the St. Cloud real estate market as we head into spring.

As of right now, there are 717 homes on the market, which is great for anyone looking to buy a home because it's up substantially from the 650 we had just a couple weeks ago. If you're selling your home, it's a less competitive market and it's a good year to be a seller again.

As of the first week of March, we had 286 home sales waiting to close that went under contract in the last 60 to 90 days. At this time of the year, that's a really good start. I think it's due to the great mortgage interest rates and the warm weather we've had lately. The spring market started early.

It's a really good time to be in the market either as a buyer or a seller.

It's a really good time to be in the market either as a buyer or a seller. If you'd like any additional information, give us a call or send us an email. We look forward to helping you in this great market.

The Latest News on Interest Rates and Down Payments

If you’re worried about rising interest rates or having to put down 20% to purchase a home, I have some great news for you.

Looking to buy in St. Cloud?  Get a full home search

 Looking to sell in St Cloud? Get a free Home Price Evaluation

Do you have to put 20% down in order to purchase a home? How much will rising interest rates affect the market? I get those two questions quite often, and I have some great news! 

First, 30-year fixed loans are still at a 4% interest rate, which is still very attractive.

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A 4% interest rate is still very attractive.

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Second, we have conventional financing with 20% down or more. However, we have a number of programs that require a substantially smaller down payment. FHA loans are about 3.5% down, rural development loans are 0% down, VA loans are 0% down, and regular conventional loans can be anywhere from 3% down to 15% down depending on what you qualify for. 

There are a number of ways you can get into a home, and if you have any questions, please feel free to give me a call. I’m always happy to help!