Study Shows Twin Cities Housing Market Nearly Fully Recovered
A recent study by the University of St. Thomas revealed that the housing market in the Twin Cities is nearing numbers we saw prior to the housing crash seven years ago indicating that the Twin Cities housing market is nearly recovered from the downfall. The study also predicted that we would see median home prices continue to rise in 2016 upwards of 6 to 8 percent.
If the housing market trend continues the path that it has been on we could expect to see home sales increase between 4 to 6 percent this year. University of St. Thomas director of real estate programs, Herb Tousley, believes that at the current time we have more buyers than sellers in the market which is holding the housing market back.
It’s true that the number of inventory homes on the market in the Twin Cities is well below average. As a result buyers in the market are offering more on homes and sellers are receiving more of their original asking price.
Interest rates are anticipated to continue to rise to slightly above 4 percent sometime in the near future which is good news for buyers who feared the recent Federal Reserve rate hike would cause mortgage rates to sky rocket.
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