When Will The Housing Market Crash? | Twin Cities Real Estate

[@Nicksundahl]

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[@sincereone2388]

Great housing predictions.

[@davidmason4729]

How are home prices going to rise when interest rates are doubling the monthly payments as compared to the last 2 years?

[@Nicksundahl]

Short answer, inventory. We don't have nearly enough for buyers. In fact, many homeowners may decide to sit on their homes for the foreseeable future due to the low interest rates they currently have which amplifies the lack off housing stock. As long as rates stay somewhat steady, homebuyers will adapt as it will become the norm and not sticker shock.

[@ObserverDriftMusic]

We’ve been house hunting for a year in St Paul and finally decided to call it quits for now. It’s too competitive, even for crappy houses. We’re willing to wait it out another year or so for a correction

[@Nicksundahl]

I understand your frustration. It’s still very competitive throughout the Twin Cities market. I would recommend you keep looking. You never know when that great house pops up!

[@ObserverDriftMusic]

@@Nicksundahl I agree. However the right house has popped up now 10 times for us and the last 2 had 10+ offers. Right now it’s a waste of time. People are over extending and pushing prices way over asking price. It’s not a good spot to be in. Too many emotional buyers.

[@Nicksundahl]

Buying a home is an emotional thing. Ultimately, you're making a big time decision. Don't look at it as what others are doing. Make a decision that fits your needs and will set you up for controlled cost shelter over the next 5+ years. I get taking a breather and that could lead to a better deal for you. Just keep your eyes open as I strongly doubt it will get easier.