Home Sellers and Home Buyers, Don’t Panic!

Home Sellers and Home Buyers, Don’t Panic!

As I sit down to write this, I can’t help but feel the pulse of the real estate market in the Minneapolis-St. Paul metro area, where I’ve been a licensed real estate agent for 23 years. Lately, I’ve noticed a wave of confusion, fear, and even anger among home sellers and buyers. It’s like we’re reliving the early days of COVID when toilet paper vanished from shelves overnight. But here’s my public service announcement: don’t panic! The housing market is shifting, sure, but it’s not crashing. I’ve seen countless market cycles, and aside from the 2008 lending crisis, home values have consistently climbed—on average, about 2% annually since 1968. So, let’s unpack what’s happening and why now is still a great time to buy or sell a home.

The truth is, there’s no perfect moment to time the real estate market, just like you can’t time the stock market. Trying to predict the “best” time to buy or sell is a gamble, and I’m here to guide you through the noise. Right now, buyers are pickier than they were a few years ago when multiple offers were the norm on nearly every listing. Back then, sellers could skip repairs or stage their homes minimally and still get top dollar. Today, homes in pristine condition—especially those priced up to $450,000—are still seeing multiple offers. Meanwhile, the $500,000 to $650,000 range is slower, but luxury homes at $700,000 and above are buzzing with activity. This isn’t about one price range being “better”; it’s just the market’s current rhythm.

At a recent global luxury home market meeting, my colleagues and I agreed: interest rates are the big driver. Once mortgage rates dip into the 5% range (think 5.9% or lower), the market will likely explode with activity. For buyers, this raises a question: do you buy now at a higher rate and refinance later, or wait for rates to drop and risk competing in a frenzy of multiple offers? For sellers, it’s about your next move. Are you downsizing to a one-level townhome? Upsizing for a growing family or home business? Everyone’s situation is unique, and that’s why blanket advice from news headlines—often two to four months behind—doesn’t cut it. Negativity sells papers, but it doesn’t tell the whole story.

Here’s where I come in. As an experienced real estate agent, I offer complimentary market analyses to past and new clients. Want to know your home’s value or what’s happening in your neighborhood? I’ve got the data and insights to share. I’ve helped clients navigate hot markets, slow markets, and everything in between. One thing I’ve learned: fear and hype don’t make good decisions. Whether you’re selling to relocate or buying your dream home, let’s talk about your goals. What’s driving your decision? What questions are keeping you up at night? I’m just a phone call away, ready to answer anything about buying or selling a home.

The real estate market isn’t a monolith—it’s local, personal, and always moving. My advice? Tune out the doomsday headlines and focus on your needs. If you’re ready to sell, price competitively and present your home in its best light. If you’re buying, weigh the pros and cons of acting now versus waiting. Either way, don’t let fear steer the ship. I’m here to help you make informed, confident choices in this ever-changing market.

Ready to take the next step? Reach out to me at Tom Sommers Coldwell Banker.

Let’s have a conversation about your real estate goals—book a Zoom meeting with me today at Don’t wait; let’s get started!

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