Anne Levos knows it's a brutal time to be a home shopper — that's why she's starting her Twin Cities search nearly a year in advance.
Why it matters: Just 21% of Americans say now is a good time to buy , according to the latest Gallup survey .
What they're saying: "If we start now, we can be pickier," Levos tells Axios.
- Her and her husband's goal is to be in their new place by next spring — ideally, a 4-bedroom, 2-bathroom house in the south metro near Eagan and Apple Valley.
Catch up quick: Steep home prices , high mortgage rates and a lack of inventory are serious setbacks for shoppers.
- Pending home sales recently fell to the lowest level since the height of the pandemic lockdown, Axios' Courtenay Brown reports.
State of play: Levos says she's pleasantly surprised by the number of homes for sale in their budget (between $350,000 and $400,000), but they're selling quickly and often at a premium.
- About 45% of homes in the Twin Cities sold above the asking price in June, according to Redfin data .
Flashback: It's a far cry from the couple's first home-buying experience in 2019. Levos says they only looked at six or seven houses before making a winning offer on a two-bedroom South Minneapolis pad.
- That space will be too small for them, their child and their dog when they have another kid, she says.
The big picture: For 16 years (2005-2021), at least half of U.S. adults said it was a good time to buy a home, per Gallup. Since 2022, that share has dipped below 30%.
- Younger people feel especially pessimistic: 75% of those under 50 think home prices will continue to rise, compared to 60% of older adults.
The latest: Levos and her husband, who have yet to put in any offers, toured six homes on a recent weekend.
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