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Redfin Update – Prices Reach All-Time Highs

Redfin’s latest national real estate update has been released.

This update indicates a promising sign concerning the latent demand for residential real estate. Despite the lack of positive news about listings or rates in 2024, prices are reaching record heights. This is due to well-priced listings in desirable areas receiving multiple offers and selling for significantly more than the initial price. This is a common occurrence in the most desirable neighborhoods within our Twin Cities home market.

The update also raises an important point about the slow decline of mortgage rates when it eventually takes place. A faster decline would lead to an unstable market, initially putting pressure on realtors and title companies, and quickly extending to suppliers and labor. This could result in supply chain issues similar to those observed at the onset of the pandemic. In other words, caution is advised. A slow, steady reduction of interest rates, followed by mortgage rates, is preferred to ensure the upcoming favorable market remains manageable.

Read more: Price Drops Hit Highest Level in 18 Months As High Rates Dampen Buyer Demand

Photo by Pavel Danilyuk

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