Local Bemidji Area Real Estate Market Report

In the past 7 days there have been: 

15 new listings, decreased by 4 this week, with prices ranging from $59,900-$1.1M. The median price of the new listings are $274,000. Exactly what it was last week.

12 price decreases, down slightly from last week, with the median price adjustment of $20,700 up by just over 5k.   Av. DOM: 90.9 almost double from last week.

14 closed transactions, down slightly from last week, with a median sales price of $189,950  decreased by 72,050.

8 pending transactions with a median price of $231,950  decreased by $142,500. 

4 canceled listings

4 back on market 

1 price increase

0 expired listings 

0 coming soon listings 

The feds cut the rates by a half percentage point this past week. That is significant, considering the rate has not been cut for the past several years. This should mean that the home mortgage rate should continue to trend downward. They are promising 2 more cuts by the end of the year, and 4 rate cuts next year. Again, showing promise for home mortgage rates to continue to decrease. 

If you are a buyer in this market wondering if it is the right time to buy, or have been waiting for the rates to come down, it would be a good idea to get yourself positioned to get serious and into the market. If the rates continue to trend downward, we will see a spike of buyers returning to the market that have been biding their time for a mortgage rate decrease. What this will do is drive the home prices up again, as the demand will quickly outpace the supply in our local market. Don’t wait, live your life today and pursue your dreams of either owning a home or an investment property. Reach out to your favorite local real estate advisor to take your first steps.

If you are considering selling your home this will be a great time to get prepared for getting it ready to market. If you need to sell your home before winter, the time is now. The market will que up this fall and your home will be in a good position to sell. If you don’t have to sell yet this fall, begin to prepare your home to sell for a strong spring market. Your favorite real estate professional will be able to offer you a consultation on how to prepare ahead and keep the stress of the process minimized. The more prepared you are the more ease you will have as you move through the selling journey.

As always, If you have no plans of moving, you should know that your home is continuing to appreciate at a very desirable rate in our local area, building equity, and keeping your investment safe.  What a great thing to know!

Bottom line...

It's time to get moving to stay ahead of the curve. 

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Until next week...

W