by Cedar Point Realty | Apr 24, 2025 | Buyers & Sellers, Events
🏡You’re Invited: Cedar Point Realty Open House – This Friday!
We’re excited to welcome you into our space for a casual and festive open house!
📅 Date: Friday, April 25th
🕒 Time: 3:00 PM – 5:00 PM
📍 Location: 502 Minnesota Ave, Walker, MN
Stop in for a relaxed afternoon as we celebrate the renovation of our front office space! Enjoy delicious appetizers provided by Village Square and sip on craft beer from Portage Brewing Company while you explore, mingle, and catch up with our team.
✨ What’s Happening:
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A first look at our updated office
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Light bites & brews from two of our favorite local spots
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A chance to chat about current market trends
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Helpful insight into the new buyer commission agreement and what it means for you
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A friendly, welcoming space to ask questions and connect with our team
Whether you’re curious about real estate, want to meet our agents, or just want to enjoy a Friday afternoon with neighbors and friends—we’d love to see you!
No RSVP needed. Just stop in and say hello!
Cheers,
The Cedar Point Realty Team | Walker MN Real Estate Team
Your Lake Home Experts in Walker, MN and Surrounding Areas
Walker, MN | Akeley, MN | Hackensack, MN | Nevis, MN | Cass Lake, MN | Laporte, MN | Longville, MN | Park Rapids, MN
by Cedar Point Realty | Apr 15, 2025 | Buyers & Sellers
In the digital age, virtual tours have revolutionized the real estate industry, offering a powerful tool for agents to assist both home buyers and sellers. By leveraging virtual tours, agents can enhance the buying and selling experience, making it more efficient, engaging, and effective. Here’s how real estate agents can use virtual tours to their advantage.
Benefits for Home Buyers
1. Convenience and Accessibility
Virtual tours provide home buyers with the convenience of exploring properties from anywhere at any time. This is particularly beneficial for out-of-town buyers or those with busy schedules. Agents can offer virtual tours to give buyers a comprehensive view of the property without the need for physical travel, saving time and effort.
2. Detailed Property Insights
High-quality virtual tours allow buyers to examine every detail of a property, from room layouts to finishes. Agents can highlight key features and upgrades, providing a thorough understanding of the home’s value. This detailed insight helps buyers make informed decisions and narrow down their choices more effectively.
3. Enhanced Engagement
Interactive elements in virtual tours, such as clickable hotspots and 3D walkthroughs, create an immersive experience for buyers. Agents can use these features to engage buyers, answer questions in real-time, and provide additional information about the property. This level of engagement can build trust and interest, moving buyers closer to making an offer.
Benefits for Home Sellers
1. Increased Exposure
Virtual tours can significantly increase a property’s exposure. Listings with virtual tours tend to attract more views and generate higher interest. Agents can use virtual tours to showcase properties to a broader audience, including international buyers, thereby increasing the chances of a quick sale.
2. Competitive Edge
In a competitive market, virtual tours give sellers a distinct advantage. Properties with virtual tours stand out in online listings, capturing the attention of potential buyers. Agents can use this technology to differentiate their listings and highlight the unique features of each property, making them more appealing.
3. Efficient Showings
Virtual tours reduce the need for multiple in-person showings, allowing agents to focus on serious buyers. This efficiency not only saves time but also minimizes disruptions for sellers. By pre-qualifying buyers through virtual tours, agents can streamline the selling process and ensure that in-person showings are more productive.
by Cedar Point Realty | Aug 28, 2024 | Buyers & Sellers, Forecasts, Home Prices, Mortgage Rates
Looking ahead to 2025, it’s important to know what experts are projecting for the housing market. And whether you’re thinking of buying or selling a home next year, having a clear picture of what they’re calling for can help you make the best possible decision for your homeownership plans.
Here’s an early look at the most recent projections on mortgage rates, home sales, and prices for 2025.
Mortgage Rates Are Projected To Come Down Slightly
Mortgage rates play a significant role in the housing market. The forecasts for 2025 from Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR), and Wells Fargo show an expected gradual decline in mortgage rates over the course of the next year (see chart below):
Mortgage rates are projected to come down because continued easing of inflation and a slight rise in unemployment rates are key signs of a strong but slowing economy. And many experts believe these signs will encourage the Federal Reserve to lower the Federal Funds Rate, which tends to lead to lower mortgage rates. As Morgan Stanley says:
“With the U.S. Federal Reserve widely expected to begin cutting its benchmark interest rate in 2024, mortgage rates could drop as well—at least slightly.”
Expect More Homes To Sell
The market will see an increase in both the supply of available homes on the market, as well as a rise in demand, as more buyers and sellers who have been sitting on the sidelines because of higher rates choose to make a move. That’s one big reason why experts are projecting an increase in home sales next year.
According to Fannie Mae, MBA, and NAR, total home sales are forecast to climb slightly, with an average of about 5.4 million homes expected to sell in 2025 (see graph below):
That would represent a modest uptick from the lower sales numbers in 2023 and 2024. For reference, about 4.8 million total homes were sold in 2023, and expectations are for around 4.5 million homes to sell this year.
While slightly lower mortgage rates are not expected to bring a flood of buyers and sellers back to the market, they certainly will get more people moving. That means more homes available for sale – and competition among buyers who want to purchase them.
Home Prices Will Go Up Moderately
More buyers ready to jump into the market will put continued upward pressure on prices. Take a look at the latest price forecasts from 10 of the most trusted sources in real estate (see graph below):
On average, experts forecast home prices will rise nationally by about 2.6% next year. But as you can see, there’s a range of opinions on how much prices will climb. Experts agree, however, that home prices will continue to increase moderately next year at a slower, more normal rate. But keep in mind, prices will always vary by local market.
Bottom Line
Understanding 2025 housing market forecasts can help you plan your next move. Whether you’re buying or selling, staying informed about these trends will ensure you make the best decision possible. Reach out to a trusted real estate agent to discuss how these forecasts could impact your plans.
by Cedar Point Realty | Dec 4, 2023 | Buyers & Sellers, Buying Myth, Housing Market Updates, Selling Myths
Even with so much data showing home prices are actually rising in most of the country, there are still a lot of people who worry there will be another price crash in the immediate future. In fact, a recent survey from Fannie Mae shows that 23% of consumers think prices will fall over the next 12 months. That’s nearly one in four people who are dealing with that fear – maybe you’re one of them.
To help ease that concern, here’s what the experts say will happen with home prices not just next year, but over the next five years.
Experts Project Ongoing Appreciation
While seeing a small handful of expert opinions may not be enough to change your mind, hopefully, a larger group of experts will reassure you. Here’s that larger group.
The Home Price Expectation Survey (HPES) from Pulsenomics is a great resource to show what experts forecast for home prices over a five-year period. It includes projections from over 100 economists, investment strategists, and housing market analysts. And the results from the latest quarterly release show home prices are expected to go up every year through 2027 (see graph below):
And while the projected increase in 2024 isn’t as large as 2023, remember home price appreciation is cumulative. In other words, if these experts are correct after your home’s value rises by 3.32% this year, it should go up by another 2.17% next year.
If you’re worried home prices are going to fall, here’s the big takeaway. Even though prices vary by local area, experts project they’ll continue to rise across the country for years to come at a pace that’s more normal for the market.
What Does This Mean for You?
If you’re not convinced yet, maybe these numbers will get your attention. They show how a typical home’s value could change over the next few years using the expert projections from the HPES. Check out the graph below:
In this example, let’s say you bought a $400,000 home at the beginning of this year. If you factor in the forecast from the HPES, you could potentially accumulate more than $71,000 in household wealth over the next five years.
Bottom Line
If you’re someone who’s worried home prices are going to fall, rest assured a lot of experts say it’s just the opposite – nationally, home prices will continue to climb not just next year, but for years to come. If you have any questions or concerns about what’s next for home prices in your local area, connect with a real estate agent.
by Cedar Point Realty | Nov 28, 2023 | Buyers & Sellers, First Time Home Buyers, Housing Market Updates
When it comes to what’s happening in the housing market, there’s a lot of confusion going around right now. You may hear one thing in conversation with your friends, see something totally different on the news, and read something on social media that contradicts both of those thoughts. And, if you’re thinking about making a move, that can leave you with a lot of lingering questions. That’s where a trusted local real estate agent comes in.
Here are the top 3 questions people are asking about today’s housing market, and the data to help answer them.
1. What’s Next for Mortgage Rates?
Mortgage rates are higher than they’ve been in recent years. And, if you’re looking to buy a home, that impacts how much you can afford. That’s why so many buyers want to know what’s ahead for mortgage rates. The answer to that question is: no one can say for certain, but here’s what we know based on historical trends.
There’s a long-standing relationship between mortgage rates and inflation. Basically, when inflation is high, mortgage rates tend to follow suit. Over the past year, inflation was up, so mortgage rates were as well. But inflation is easing now. And this is why the Federal Reserve has recently paused their federal funds rate hikes, which means many experts believe mortgage rates will begin to come down.
And in some ways, we’ve started to see hints of slightly lower mortgage rates in recent weeks. But it’s certainly been volatile and will likely continue to be that way going into next year. Some ongoing variation is to be expected, but the anticipation is, that in 2024, we’ll see a downward trend. As Aziz Sunderji, Strategist at Home Economics, says:
“The bottom line is that interest rates are likely to be lower-perhaps even lower than many optimists think – in the weeks and months to come.”
2. Where Are Home Prices Headed?
While there’s been a lot of concern prices would come crashing down this year, data shows that didn’t happen. In fact, home prices are rising in most of the nation. Experts say that trend will continue, just at a slower pace that’s much more normal for the housing market – and that’s a good thing.
To help show just how confident experts are in this continued appreciation, take a look at the Home Price Expectation Survey from Pulsenomics. It’s a survey of a national panel of over 100 economists, real estate experts, and investment and market strategists. As the graph below shows, the consensus is, that prices will keep climbing next year, and in the years to come.
3. Is a Recession Around the Corner?
While recession talk has been a common thing over the past few years, there’s good news on that front.
The Wall Street Journal (WSJ) polls experts on this topic regularly. And last year at this time, most of them thought a recession would have happened by now. But as experts look at all the leading indicators today, they’re changing their minds and saying a recession is getting less and less likely. The latest results show that more experts now think we’re not headed for another recession (see chart below):
This is big news for the housing market. And while the 48% to 52% split may seem close to half and half, the key thing to focus on is that the majority of these experts think we’ve avoided a recession already.
Bottom Line
The big takeaway? The data shows there isn’t cause for concern – there are actually more signs of hope. Reach out to a local real estate agent to talk more about the housing market questions on your mind heading into the new year.
by Cedar Point Realty | Nov 22, 2023 | Buyers & Sellers, Housing Market Updates
If you’re feeling a bit muddy on what’s happening with home prices, that’s no surprise. Some people are still saying prices are falling, even though data proves otherwise. Part of that misconception is because people are getting their information from unreliable sources. But it’s also coming from some media coverage misrepresenting what the data really shows.
So, to keep things simple, here’s what you really need to know using real data you can trust.
Normal Home Price Seasonality Explained
In the housing market, there are predictable ebbs and flows that happen each year. It’s called seasonality. Spring is the peak homebuying season when the market is most active. That activity is typically still strong in the summer but begins to wane as the cooler months approach.
Home prices follow along with seasonality because prices appreciate most when something is in high demand. That’s why there’s a reliable long-term home price trend. The graph below uses data from Case-Shiller to show the typical percent change for monthly home price movement from 1973 through 2022 (not adjusted, so you can see the seasonality):
As the data shows, at the beginning of the year, home prices grow, but not as much as they do when entering the spring and summer markets. That’s because the market is less active in January and February since fewer people move in the cooler months. As the market transitions into the peak homebuying season in the spring, activity ramps up, and home prices go up a lot more in response. Then, as fall and winter approach, prices still grow, just at a slower pace as activity eases again.
This Year, Seasonality Has Returned
Now, let’s look at how this year compares to that long-term trend (see graph below):
Here’s the latest data for this year from that same source. Just like before, the dark bars are the long-standing trend. The green bars represent what’s happened this year. As you can see, the green bars are beginning to fall in line with what’s normal for the market. That’s a good thing because it’s more sustainable price growth than we’ve seen in recent years.
In a nutshell, nationally prices aren’t falling, it’s just that price growth is beginning to normalize. Moving forward, there’s a chance the media will misrepresent this slowing of home price growth as prices falling. So don’t believe everything you see in the headlines. The data included here gives you the context you need to really understand what’s happening. So, if you see something in the headlines that’s confusing, don’t just take it at face value. Ask a trusted real estate professional for more information.
Remember, it’s normal to see home price growth slow down as the year goes on. And that definitely doesn’t mean home prices are falling. They’re just rising at a more moderate pace.
Bottom Line
Home price appreciation is returning to normal seasonality and that’s a good thing. If you have questions about what’s happening with prices in your local area, connect with a real estate professional.
