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The other day I was having an interesting conversation with a loan officer. 2014 proved to be a different year because we were moving away from the economic recession. This year is looking to be a bit of the same.
- Millennials will be entering the market this year, and it could be a huge driver of growth. There will be a lot of pent-up demand because of these people, so expect a busier-than-usual market this spring. I'm expecting a ripple effect because of this, where you have millennials moving in, and then a seller moving out into a new home. This should drive an exponential amount of activity within this market.
- Interest rates are currently very low, but I'm suspecting that we will see some fluctuation in the future. However, even if rates climb back up, there are great loan products available that are going to help a lot of first-time buyers enter the market and begin buying homes. FHA, as well as Fannie Mae and Freddie Mac loan products, only require a 3% down payment.
If you have any other questions or concerns about the Minneapolis real estate market, please don't hesitate to reach out to me. I am always willing to assist you!
