Buyers and sellers are up for a surprise with lower interest rates.

For the first time in two years, interest rates in the real estate market have gone down. Now, what does this mean for you as a home buyer or seller, especially for those in the Twin Cities? Whether you’re selling or buying, here are some key insights from us at John Schuster Group to help you make the most out of this period:

If you’re planning to buy a home, one thing to remember is that when rates come down, this means more buyers will likely enter the market, which means you will have more competition. For particularly attractive listings, we will likely see multiple offers. So, if you believe that you’ve found your dream home, we highly recommend that you lock in an offer today and make arrangements for refinancing if rates eventually drop.

“More buyers are lining up outside prospective homes, which means more competition for buyers and increased sales potential for sellers.”

On the other hand, sellers are in an advantageous position, too, especially if you’re selling a property in the Twin Cities. Due to low inventory, sale prices have not gone down this year. You’ll be happy to know that the average sale price increased by 2.2%. As interest rates decrease, more buyers should be interested in your home. The influx of buyers in the market means that you can potentially sell your home faster.

If you’re planning to sell your home, you can see your property’s estimated value in seconds by going to http://www.johnschustergroup.com. To start the buying or selling process, please don’t hesitate to reach out to us on our platforms. For your convenience, you may call us any time at 952-222-9000. We would be happy to help you with any real estate needs.