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If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you.

In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold.

But when rates start to come down, things change. It goes from limited or weak demand to good or strong demand. That’s because a big portion of the buyers who sat on the sidelines when rates were higher are going to jump back in and make their moves happen. The graph below helps give you a visual of how this relationship works and where we are today:

As Lisa Sturtevant, Chief Economist for Bright MLS, explains:

“The higher rates we’re seeing now [are likely] going to lead more prospective buyers to sit out the market and wait for rates to come down.”

Why You Might Not Want To Wait

If you’re asking yourself: what does this mean for my move? Here’s the golden nugget. According to experts, mortgage rates are still projected to come down this year, just a bit later than they originally thought. 

When rates come down, more people are going to get back into the market. And that means you’ll have a lot more competition from other buyers when you go to purchase your next home. That may make your move more stressful if you wait because greater demand could lead to an increase in multiple offer scenarios and prices rising faster.

But if you’re ready and able to sell now, it may be worth it to get ahead of that. You have the chance to move before the competition increases.

Bottom Line

If you’re thinking about whether you should wait for rates to come down before you move, don’t forget to factor in buyer demand. Once rates decline, competition will go up even more. If you want to get ahead of that and sell now, let’s chat.

Have questions or ready to take the next step? 

☎️ Steve: 218-766-9126

☎️ Tyler: 218-308-1230

☎️ Steph: 218-766-6214

☎️ Jolene: 218-556-0418

In Search of the Perfect Property? Try our easy-to-use FAST property search! 

Curious about what’s happening in your neighborhood? You can create a custom market report to see what’s active, under contract, and sold in your neighborhood! 

Considering selling or refinancing your home? Get an INSTANT property valuation now!

Some Highlights

• When it comes to the current housing market, there are some myths circling around right now.
• Some of the more common ones are that it’s better to wait for mortgage rates to fall or prices to crash. But there are others about the supply of homes for sale and down payments. 
• Let’s connect so you have an expert to help separate fact from fiction in today’s housing market.

Ready to take the next step? Let's chat! 

☎️ Steve: 218-766-9126

☎️ Tyler: 218-308-1230

☎️ Steph: 218-766-6214

☎️ Jolene: 218-556-0418

As you transition into retirement in Bemidji, Minnesota, scrutinizing your expenses becomes crucial. A tried-and-true method to enhance your financial efficiency is downsizing to a cozier residence.

Thinking about reducing expenses usually brings daily costs to mind, such as groceries. However, opting for a smaller living space can significantly reduce your monthly expenditures, including mortgage payments, utility bills, and maintenance tasks. As highlighted by Realtor.com:

"Opting for a more compact home often results in decreased utility bills and less maintenance. Plus, selling your larger home for a more modest one can provide a financial boost, thanks to the equity you've accumulated over time."

This financial boost stems from the home equity built over the years. For many, this equity comprises a substantial part of their retirement savings. Daniel Hunt, CFA at Morgan Stanley, notes:

"For retirees, home equity can be a major asset, often making up a significant portion of their net worth... While retirement planning can seem daunting, leveraging home equity is a strategy that shouldn't be ignored."

Leveraging this equity wisely requires the guidance of a seasoned real estate professional. They will assist in pricing your current home accurately, searching for a new home that meets your current needs, and navigating the financial aspects of buying at today's mortgage rates.

Considerations for Potential Downsizers

Before deciding to downsize, ponder over these queries:

Are the reasons for purchasing my current home still relevant, or have my living needs evolved?

Is the spaciousness of my current home a necessity, or could a smaller space serve me better?

What are my current housing expenses, and how much do I aim to save by downsizing?

Discussing these points with a local real estate expert in Bemidji can clarify your position in the current market and your potential equity gains from downsizing.

Looking to economize during retirement? Downsizing in Bemidji might be the key. When you're prepared to explore your housing market options, we are here to help you achieve your real estate objectives this year.

Ready to take the next step? Let’s connect!

☎️ Steve: 218-766-9126

☎️ Tyler: 218-308-1230

☎️ Steph: 218-766-6214

☎️ Jolene: 218-556-0418

If you want to buy a home, you should know your credit score is a critical piece of the puzzle when it comes to qualifying for a mortgage. Lenders review your credit to see if you typically make payments on time, pay back debts, and more. Your credit score can also help determine your mortgage rate. An article from US Bank explains:

“A credit score isn’t the only deciding factor on your mortgage application, but it’s a significant one. So, when you’re house shopping, it’s important to know where your credit stands and how to use it to get the best mortgage rate possible.”

That means your credit score may feel even more important to your homebuying plans right now since mortgage rates are a key factor in affordability. According to the Federal Reserve Bank of New York, the median credit score in the U.S. for those taking out a mortgage is 770. But that doesn’t mean your credit score has to be perfect. The same article from US Bank explains:

“Your credit score (commonly called a FICO Score) can range from 300 at the low end to 850 at the high end. A score of 740 or above is generally considered very good, but you don’t need that score or above to buy a home.”

Working with a trusted lender is the best way to get more information on how your credit score could factor into your home loan and the mortgage rate you’re able to get. As FICO says:

“While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single “cutoff score” used by all lenders and there are many additional factors that lenders may use to determine your actual interest rates.”

If you’re looking for ways to improve your score, Experian highlights some things you may want to focus on:

• Your Payment History: Late payments can have a negative impact by dropping your score. Focus on making payments on time and paying any existing late charges quickly.
• Your Debt Amount (relative to your credit limits): When it comes to your available credit amount, the less you’re using, the better. Focus on keeping this number as low as possible.
• Credit Applications: If you’re looking to buy something, don’t apply for additional credit. When you apply for new credit, it could result in a hard inquiry on your credit that drops your score.

Bottom Line

Finding ways to make your credit score better could help you get a lower mortgage rate. If you want to learn more, talk to a trusted lender.

Have questions or ready to take the next step? 

☎️ Steve: 218-766-9126

☎️ Tyler: 218-308-1230

☎️ Steph: 218-766-6214

☎️ Jolene: 218-556-0418

In Search of the Perfect Property? Try our easy-to-use FAST property search! 

Curious about what’s happening in your neighborhood? You can create a custom market report to see what’s active, under contract, and sold in your neighborhood! 

Considering selling or refinancing your home? Get an INSTANT property valuation now!

If you're contemplating whether to list your Bemidji home on the market, the straightforward answer is: absolutely, yes. A closer examination of the current real estate landscape in Bemidji, Minnesota, underscores two pivotal reasons supporting this decision.

Recent data highlights a noticeable increase in the number of homes available for sale in Bemidji compared to last year, indicating a shift towards a more favorable market for sellers. However, when we cast our minds back to 2019, considered the last 'normal' year in real estate, the current inventory is significantly reduced by nearly 40%. This dichotomy presents a unique advantage for sellers in today's market.

Here's How Sellers in Bemidji Benefit:

1. Expanded Choices for Your Next Move

Whether your current Bemidji home no longer suits your lifestyle due to its size or other reasons, the year-over-year growth in housing inventory means you now have a broader selection of properties to consider for your next purchase. This alleviates the concern of not finding a suitable new home, making now an opportune time to sell. Engaging with a local real estate expert can provide you with the latest insights on available properties, ensuring you find a home that meets your new needs.

2. Limited Competition Enhances Seller Advantage

Despite the increase in available homes, the market has not fully rebounded to pre-pandemic levels, with inventory still approximately 40% lower than in 2019. This scarcity of listings means your property can stand out more to potential buyers, especially if priced correctly. As highlighted by industry sources, the journey back to a balanced market is ongoing, but current trends indicate improving conditions for sellers.

Bottom Line for Bemidji Sellers

For homeowners in Bemidji, Minnesota, looking to sell, the market is ripe with opportunity. The increased inventory provides more options for relocating, while the overall shortage of listings means less competition and the potential for your home to attract significant interest. Partnering with a seasoned Bemidji real estate professional can help you navigate this market efficiently, ensuring your selling experience is both successful and rewarding.

Have questions or ready to take the next step? 

☎️ Steve: 218-766-9126

☎️ Tyler: 218-308-1230

☎️ Steph: 218-766-6214

☎️ Jolene: 218-556-0418

In Search of the Perfect Property? Try our easy-to-use FAST property search! 

Curious about what’s happening in your neighborhood? You can create a custom market report to see what’s active, under contract, and sold in your neighborhood! 

Considering selling or refinancing your home? Get an INSTANT property valuation now!

Recent updates in the Bemidji, Minnesota real estate market have led experts to revise their 2024 home price predictions upwards, signaling a stronger confidence in a rising market.

Here's a closer look at how the outlook has evolved and the driving forces behind this optimistic shift.

2024 Home Price Predictions: A Comparative Overview

A comparison of initial and revised 2024 home price predictions from seven leading organizations reveals a significant shift in expectations. Initially, projections suggested a modest increase in home prices for the year. However, recent updates show a unanimous agreement towards a more substantial growth, underscoring a notable adjustment in market forecasts.

This adjustment is primarily fueled by two critical market dynamics: the persistently low number of available homes and changing mortgage rates.

The Persistent Low Housing Inventory Effect

A crucial factor exerting upward pressure on home prices is the ongoing scarcity of available properties in Bemidji. This trend, as highlighted by sources like Business Insider, underscores a nationwide challenge of low home inventory, which has historically supported higher prices. This scenario is anticipated to persist through 2024, reinforcing the upward trajectory in home values.

The Impact of Shifting Mortgage Rates

Initially, when predictions for a modest price increase in 2024 were made, higher mortgage rates had tempered buyer enthusiasm. However, the subsequent decrease in rates since last October has rejuvenated buyer interest. This resurgence, coupled with the continuous shortage of housing inventory, has prompted experts to adjust their price forecasts upward, anticipating stronger market dynamics.

Staying Ahead: Monitoring Future Forecast Adjustments

Real estate professionals in Bemidji routinely update their price forecasts to reflect the latest market trends, ensuring their insights remain relevant and accurate. These adjustments are a standard aspect of their analysis, allowing for the incorporation of new data on mortgage rates and housing inventory changes.

As we move forward, mortgage rates will be a critical factor to watch. Anticipated to decline further, lower rates could bolster buyer demand, potentially leading to even higher future price predictions.

Conclusion: An Optimistic Revision of Expectations

Initially, the consensus was a modest increase in Bemidji's home prices for 2024. However, the latest revisions indicate a more robust growth than previously anticipated. For those looking to navigate the Bemidji real estate market, staying informed on these predictions is crucial. Let's connect to ensure you're well-prepared for what lies ahead in our local market.

Steve: 218-766-9126

Tyler: 218-308-1230

Jolene: 218-556-0418

Steph: 218-766-6214

In Search of the Perfect Property? Try our easy-to-use FAST property search! 

Curious about what’s happening in your neighborhood? You can create a custom market report to see what’s active, under contract, and sold in your neighborhood! 

Considering selling or refinancing your home? Get an INSTANT property valuation now!

Celebrate Valentine's Day in the charming town of Bemidji, MN, by visiting some of the best restaurants that promise a blend of ambiance, exquisite cuisine, and memorable experiences. Here are the top five restaurants for a romantic outing.

1. Sparkling Waters Restaurant

Location: 824 Paul Bunyan Drive S, Bemidji, MN Ambiance: Stunning lakeside views, cozy setting Cuisine: American, seafood, and meat options Specialty: Atlantic Salmon, Ribeye, Filet Mignon Sparkling Waters offers a romantic setting with its picturesque views and extensive wine list. It's perfect for couples looking to enjoy a scenic dinner with a variety of culinary options​.

2. Tara

Location: 401 Beltrami Ave NW Suite A, Bemidji, MN Ambiance: Warm, inviting with traditional Thai decor Cuisine: Authentic Thai Specialty: Pad Thai, Green Curry, Mix Seafood Gaprow Experience the exotic flavors of Thailand at Tara, where the ambiance is as inviting as the cuisine. It's an ideal spot for couples seeking a cozy and flavorful dining experience​.

3. Green Mill Restaurant & Bar

Location: 1025 Paul Bunyan Dr S, Bemidji, MN Ambiance: Comfortable, and friendly, with water views Cuisine: American, famous for pizza Specialty: Award-winning wings, pizzas Green Mill is known for its scenic location and delicious American cuisine, including their famous pizzas and wings. It’s a great choice for a relaxed yet romantic dining experience with views of Lake Bemidji​.

4. Tutto Bene

Location: 300 Beltrami Ave NW, Bemidji, MN Ambiance: Elegant Italian setting Cuisine: Italian with local ingredient focus Specialty: Squid Ink Risotto, Bruschetta Trio Tutto Bene offers an authentic Italian dining experience, combining local flavors with traditional techniques. Its warm atmosphere makes it perfect for a romantic Italian meal​.

5. Minnesota Nice Cafe

Ambiance: Casual, homely Cuisine: American homestyle fare Specialty: Unique French toast, Omelets For a more laid-back Valentine's Day, Minnesota Nice Cafe provides a homestyle dining atmosphere. Ideal for a cozy brunch or lunch, their made-from-scratch dishes are both comforting and delicious​.

Bemidji's diverse culinary scene offers something special for every couple. Whether you're in the mood for a scenic lakeside dinner, exotic Thai flavors, a casual American meal with stunning views, authentic Italian cuisine, or a cozy homestyle brunch, these top restaurants in Bemidji are sure to make your Valentine's Day unforgettable.

Embarking on the journey of home buying in Bemidji, MN, is both thrilling and complex, especially after you've applied for a mortgage. To ensure a seamless transition into your new home, it's crucial to be aware of certain steps and avoid common pitfalls. Here's a comprehensive guide to help you smoothly navigate the post-mortgage application phase in the Bemidji real estate market.

1. Avoid Depositing Large Sums of Cash: In the Bemidji housing market, lenders scrutinize your financial transactions. Large, untraceable cash deposits can raise questions. Consult your loan officer on how to properly document any cash transactions to maintain transparency.

2.  

3. Refrain from Major Purchases: While the allure of buying new furniture or appliances for your Bemidji property is strong, such purchases can jeopardize your mortgage approval. Large expenditures increase your debt-to-income ratio, making you a higher-risk borrower. To keep your home loan on track, resist any significant spending.

4.  

5. Steer Clear of Cosigning Loans: Cosigning a loan impacts your debt-to-income ratio, a critical factor in the Bemidji real estate market. Even if you're not the primary payer, lenders consider this an additional liability, potentially affecting your mortgage approval.

6.  

7. Don't Switch Bank Accounts: Consistency in your banking history is key for lenders in Bemidji to effectively track and source your assets. Avoid transferring funds between accounts without consulting your loan officer.

8.  

9. Refrain from Applying for New Credit: New credit inquiries, whether for a credit card or a vehicle, can impact your credit score. A lower score may affect your mortgage interest rates and approval odds in the Bemidji housing market.

10.  

11. Don't Close Existing Accounts: Contrary to common belief, closing credit accounts can negatively impact your credit score. Lenders in Bemidji assess your credit history length and credit utilization ratio; closing accounts can harm both.

12.  

13. Communicate Changes with Your Lender: Transparency with your lender about any financial or employment changes is crucial. This ensures that any modifications can be managed in a way that still secures your home loan in Bemidji.

Conclusion: To ensure a smooth home buying process in Bemidji, MN, it's essential to make informed decisions and consult your lender before making any significant financial moves post-mortgage application. By following these guidelines, you'll be well on your way to securing your dream home in the vibrant Bemidji real estate market.

Ready to take the next step in the home-buying process? Let's chat! 👇

Steve: 218-766-9126

Tyler: 218-308-1230

Jolene: 218-556-0418

Steph: 218-766-6214

In Search of the Perfect Property? Try our easy-to-use FAST property search! 

Curious about what’s happening in your neighborhood? You can create a custom market report to see what’s active, under contract, and sold in your neighborhood! 

Considering selling or refinancing your home? Get an INSTANT property valuation now!

Owning a home in Bemidji means you might have something special – home equity. This is what you get when you subtract the amount you still owe on your mortgage from your home’s value. As you pay off your mortgage and as Bemidji house prices go up, your home equity grows. Even though house prices went down a bit last year, they’re going up again, which is great news for you.

Selma Hepp from CoreLogic explains that as house prices keep rising, homeowners are getting more wealthy because their equity is going up. In fact, the average homeowner has gained over $20,000 in equity since last year. In some places like Bemidji, the increase is even more.

Think about it: the average person with a mortgage has over $300,000 in equity. That’s a lot and can help you in many ways.

1. Move to a Better-Fitting Home in Bemidji If your current home is too small or too big, your home equity can help you move. You can use it to help pay for a new house that suits your needs better.

2.  

3. Make Your Current Bemidji Home Better If you’re not ready to move, you can use your equity to fix up your current home. Ask a local real estate expert which improvements will add the most value to your house for when you decide to sell.

4.  

5. Reach Personal Goals Your home equity can also help you achieve big life goals, like starting your own business, saving for retirement, or paying for school. It’s important to use this money wisely, but it can really make a difference.

6.  

7. Stay Out of Trouble with Mortgage Payments If you’re having trouble paying your mortgage, knowing how to use your equity can help you avoid losing your home.

In Summary Want to know how much equity you have in your Bemidji home? Let’s get in touch. We can help you figure out how much equity you’ve built and how you can use it to achieve your dreams.

In Search of the Perfect Property? Try our easy-to-use FAST property search! 

Curious about what’s happening in your neighborhood? You can create a custom market report to see what’s active, under contract, and sold in your neighborhood! 

Considering selling or refinancing your home? Get an INSTANT property valuation now!

Contact us today to find out how we can be of assistance to you!