3 Reasons Why Now Is A Great Time to Buy a St. Paul Condo or Loft
If you’ve been waiting to make a final decision on whether to buy a condo in St. Paul or Minneapolis, now’s the time to act. In 2018, the trend is showing it has been a sellers market for the several months. The longer you hesitate, the more that trend continues.
Here are the Three reasons why now is the best time to buy a St. Paul Condo
1. Interest Rates Are Rising
Interest rates for mortgages have reached a seven-year high. It’s already practically unheard of to get an interest rate of under 4.0%, something that home borrowers with good credit could get as recent as 2015. A decent mortgage interest rate now is around 5.0%, but that won’t last long. The government has indicated it plans to raise interest rates at least three more times in 2019.
2. Sales Prices Are Increasing
A year ago, the median sales price for property in St. Paul was about 205K. One year later, as of October 2018, the median sales price is just about 225K. The trend is still upward, as the market in St. Paul, MN shows no signs of slowing down.
3. The Mayor is Planning for Growth
St. Paul Mayor Melvin Carter is an American politician who has served as Mayor of Saint Paul, Minnesota since 2018. He is moving forward with a plan that started in 2015 to grow St. Paul. By 2040, the Metropolitan Council is projecting growth of 30,000 more St. Paul residents, with an additional 20,000 jobs. What does this mean for condo buyers? More growth means more demand for housing.
These are three good reasons why now is the best time to buy a St. Paul condo or loft. Contact RE/MAX Results-Shannon Lindstrom, Realtor at 612-616-9714 to discuss the opportunities available to you.