Real estate agent/broker Nikolina Lecic examines the Spring 2020 real estate market in Rochester and surrounding areas, encouraging home buyers to be prepared to buy in a competitive market and to seek representation by an agent with extensive experience.
The real estate market in Rochester and South East Minnesota starts off the 2020 year with a low inventory*, which is causing home prices to increase. However, according to Freddie Mac, the mortgage rates are at their lowest since 2017. The 30 year fixed rate is below 4%, which could offset higher home prices. These low-interest rates are helping home buyers improve their purchasing power since the home prices have been steadily increasing for the past seven years due to a low housing inventory.
The spring market will tell us if the existing homeowners are motivated by higher home values to list their houses. That would, in addition to the new construction being on the rise, help balance the housing market in Rochester and the surrounding area.
All this, once again, indicates that the buyers need to be prepared for a competitive market. It is best for the home buyers to have their own strong representation- an agent and/ or broker that would represent only the buyers' side in a real estate transaction and work for their best interest.
Exclusive Buyers Real Estate, LLC provides personalized home buying services exclusively to home buyers. The services are completely free**, from finding the right property, negotiating the best price and terms, consulting with the buyers about the inspection findings, consulting with the lenders, going to closing with the buyers and beyond. There is no dual agency (no representation of sellers), and because of that, no conflict of interest. Exclusive Buyers Real Estate doesn't charge any broker administrative fees either. Our whole focus is to provide a full real estate service to the buyers so that they can make an informed decision. Our slogan is "Buy your next property, don't have it sold to you."
*As of January 2020, Rochester has 1.4 months of inventory, which indicates a strong seller's market. (NorthStar MLS)
**Certain restrictions apply with For Sale By Owner properties
About Nikolina Lecic, Exclusive Buyers Real Estate LLC
Nikolina holds a Master's Degree in Business Administration and a Bachelor's Degree in Finance. Many buyers also consult with Nikolina regarding the loan they are getting as she worked as a loan officer with Home Federal Savings Bank in Rochester and understands the loan process very well. For more information, please call/text (507) 358 3683, or visit https://exclusivebuyersrealestate.com/ or https://rochestermnhomefinder.com/.