Jill & Bob Kamphoff

06/29/2023

The Golden Handcuffs
At the of May 2023 the inventory of homes for sale in the Twin Cities was down - 26.3%. There were only 7,138 homes available for sale. Contrast with pre pandemic level of 12,160 available in May 2019. That is a 41% decrease in available homes. This is having a profound impact on the market.
Mortgage interest rates began a rapid and historic climb starting in the first quarter of 2022. Since then, home interest rates have more than doubled and that has left many buyers’ dreams of home ownership in the dust. Logically, this should suppress demand and hence lower home prices. But this is not happening. The median sales price for homes in the Twin Cities fell a meager 1.3% in May 2023 when compared to May of last year. This is good for home sellers, but it is many home buyers fading dreams.
What can this be attributed to? Some in the housing press are referring this to the housing markets “golden handcuffs.”

https://www.bollyinside.com/news/real-estate/real-estate-agents-experience-the-impact-the-tangible-reality-of-housing-market-golden-handcuffs/

03/28/2023

With the economic uncertainty that is happening right now I am certain this is a new contingency we should be looking for in purchase agreements moving forward. If you are reviewing a purchase agreement for consideration containing such language carefully consider your risks.

Fear of Layoffs Is Changing How People Buy Homes
An employment contingency can protect buyers in the event of job losses

Markets | Personal Finance Fear of Layoffs Is Changing How People Buy Homes An employment contingency can protect buyers in the event of job losses Employment contingencies appeal to tech and finance workers rattled by recent waves of layoffs. Photo: Andrew Harrer/Bloomberg . By Veronica Dagher Upda...

03/15/2023

Is the housing market freezing up? I am seeing many first time buyers being priced out of the market because of home prices and rising interest rates, are at same time move-up buyers are unwilling put their property on the market because of replaced costs.

HOUSING MARKET IN ‘TUG OF WAR’ AS PRICES CONTINUE TO DROP
ACROSS U.S.

By mid-2022, as mortgage rates suddenly more than doubled, most housing experts predicted that the booming market would finally cool down, after two years of high demand, skyrocketing home prices, and low inventory heated up the market so much that many aspiring buyers found homes simply unaffordabl...

03/09/2023

Is it wonder the home affordability index is reaching new lows?

Mortgage rates courtesy of Mortgage News Daily. Mortgage Rate Notes Two years ago, the average mortgage rate was 2.83 percent. On October 20, 2022, mortgage

09/13/2022

Home prices seem to be declining after a period of unstainable increase we have been experiencing over the last few years. In August the median Twin Cities sales price decreased 2.7% from the high of $380,00 reached in June of this year. If you are thinking about selling in the next couple of years this could be your best time to make the move.

While the rest of the nation is seeing drops in the housing market, Salt Lake ranks No. 2 in the nation for home price increases from June to July.

09/01/2022

Rent Forever and Love It?
I have become increasingly alarmed about the concentration on wealth that is being accumulated by mega corporations and wealthy individuals. A couple of years ago few people were aware of Agenda 21 and the Great Reset. Many people viewed it as a conspiracy theory. Now it is out in the open although not widely reported. To quote Klaus Schwab the head of the World Economic Forum, (“you will own nothing, but you will be happy”). Home ownership has been a pillar of American democracy and a bedrock of generational family wealth accumulation. Now, it is eroding away. I urge you to read the attached article and share your thoughts with me. We have a lot to lose for our children and grandchildren. Thank, Bob.

I have become increasingly alarmed about the concentration on wealth that is being accumulated by mega-corporations and wealthy individuals. A couple of years ago few people were aware of Agenda 21 and the Great Reset. Many people viewed it as a conspiracy theory. Now it is out in the open although not widely reported. To quote Klaus Schwab the head of the World Economic Forum, (“you will own nothing, but you will be happy”). Home ownership has been a pillar of American democracy and a bedrock of generational family wealth accumulation. Now, it is eroding away. I urge you to read the attached article and share your thoughts with me. We have a lot to lose for our children and grandchildren. Thanks, Bob.

The globalized commodification of housing will destroy democracy.

08/18/2022

The market is slowing down. We can really feel it. Perhaps this will allow some buyers to find a home if they can afford it.
https://www.wsj.com/amp/articles/existing-home-sales-prices-housing-market-july-2022-11660774574

08/17/2022

Here are the latest home price appreciation estimates for the balance of the year from the experts.

If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know. Not only are experts forecasting home prices will continue to appreciate nationwide this year, but most of them also actually increased thei...

08/17/2022

Sorry for the error, I could not get Facebook to link to the CNN article. I tried twice.

08/17/2022

https://www.cnn.com/2022/08/01/homes/housing-market-outlook-second-half-of-2022/index.htm

Error

08/17/2022

For those expecting home prices to drop it looks like it is not in the cards, at least not this year.

Error

08/14/2022

They are still predicting robust appreciation for the rest of 2022. What do you think?

Whether you’re a potential homebuyer, seller, or both, you probably want to know: will home prices fall this year? Let’s break down what’s happening with home prices, where experts say they’re headed, and why this matters for your homeownership goals.