Market Reports: Champlin Real Estate Update February 2023Courtesy of Heidi Herda ~ 612.807.4858 -eXp RealtyChamplin Market update37 Homes are currently listed for sale - 5 of them are "Coming Soon":11460 Elmwood Ave N - Champlin11338 Florida Ave N - Champlin11308 Xenia Ave N - Champlin11011 Wisconsin Ave N - Champlin8005 113th Ave N - Champlin6 of them are contingent on inspection. The average price of our Champlin's newest listings is $$511,923 (which includes new construction), 49.9 days averaging for market time - down from 62 days from last month. Despite rate changes, it's already looking like we're going to have another profitable Spring market!Without the new construction, with 19 homes for sale - 7 are already sold on a contingency compared to just 2 from last month -  our aver... 02/04/2023

Are Mortgage Rates Just Back to Normal?According to a recent survey, a full 61% of Americans think that mortgage interest rates rates are "unprecedented."The thing is, mortgage rates aren’t actually the highest they’ve ever been; not even close, and it isn't too far a look back to see when they were similar or higher.The reality is, homebuyers have been enjoying abnormally low mortgage rates since right after the real estate crash, and especially the COVID driven low rates the past few years.We all get it, it stinks, but this graph will shed some light on how those low rates were on the historical chart, and now they’re not just back to "normal"—perhaps even still below normal?---Ready to find a home in today's market?  Our mortgage experts here at Cambria Mortgage, the Joe Metzler team... 02/06/2023

Real Estate Supply and Demand.Minneapolis, MN: The current inventory of homes for sale remains at low levels, yet with higher interest rates and economic uncertainty, demand and price growth has slowed, but has not stopped. BASIC MARKET FORCES AT WORKBuyers previously stuck in bidding wars over asking price and sometimes against dozens of competing offers now suddenly find themselves in a more historically normal atmosphere.Sellers may now again be more inclined to negotiate and allow for traditional buyer protections, like home inspections, and common items like seller paid closing costs, and common contingencies, like you have to sell your existing home.Great news for first time home buyers, is that lower down payment loans, and even buyers needing down payment assistance have a great... 02/03/2023