Twin Cities home prices rise as summer market sizzles
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It could be a sizzling summer for some Twin Cities home sellers, local real estate agent Joey Oslund says.
Why it matters: With the most fruitful house-selling season in full swing, we're checking out where the market stands.
What they're saying: "If the pictures look good, if it feels good when you're in the house and if it's priced competitively, I tell my buyers they're potentially going to be in a multiple-offer situation," Oslund tells Axios.
- One of his recent listings in Rogers flew off the market, garnering seven offers before selling for about $40,000 over the original asking price, Oslund says.
The big picture: Twin Cities home prices are still rising — up 4.5% in May from a year earlier, Redfin data shows — proving at least one gloomy forecast wrong.
Between the lines: Shoppers who take the plunge are increasingly getting family help, Oslund says, pointing to a client whose parents are paying cash for their $1.2 million home.
- Those buyers "have great jobs, but we used that [cash offer] to help them win a multiple-offer deal."
What's next: Elevated mortgage rates, which are dampening the appeal and affordability of home buying for many, could remain high for longer.
- The Fed signaled in June that only one interest rate cut is coming this year.