SCSU Economist Thinks Housing Market is Still Good for Sellers
The housing market has been a sellers market for more than a year. St. Cloud State Economist and Dean, School of Public Affairs King Banaian says housing prices remain high locally and it continues to be a seller's market. Banaian says the problem for those selling is then they also need to buy. He says an ideal situation would be for someone looking to downsize.
Banaian says interest rates are starting to move back up. He says the period of time where you could lock in at an interest rate of less than 3% is probably coming to an end. Banaian says that will take some of the air out of housing market because some people will no longer be able to qualify for as much of a home as they were before. He says when you see a shift in demand for housing you see an increase in cost of housing. Banaian doesn't expect housing prices to come down but rather the prices to stabilized for now.
If you'd like to listen to my full conversation with King Banaian about local gas prices, the housing market and worker shortage it is available below.