The Current Market
After a wild few years in the housing market across the country, prices seem to be stabilizing, and this is the perfect opportunity to begin the process of finding and landing your new dream home—and/or selling your existing home. No matter the situation, having a trusted, expert partner who truly knows the area and community intimately is key to your success.
Scott Stabeck and his mother Candi are 5th generation lake area natives as well as Minnetonka graduates that have been successfully selling homes around Lake Minnetonka with Edina Realty since 1987. Their deep roots in the Lake Minnetonka communities are second to none and pivotal to their client’s success and bottom line.
“On the buyer side, working with an agent that is a true local expert with longevity and extensive knowledge of the local market and community is crucial,” said Scott. “This is even more critical than ever because in this climate you need someone that has the network within the local market and can potentially find inventory that might not yet be on the open market.” On the seller side, having that trusted marketing partner is crucial to maximizing your return on investment. “Having a marketing plan in place that is effective and specific to your home will prove to be more important than ever in 2023. We help to properly stage, position, and market properties to sell for top dollar,” said Scott.
While economists aren’t exactly predicting mortgage prices to plummet as fast as they skyrocketed in Q4 of 2022, 2023 could be a year of stabilization. According to Forbes, mortgage rates have slowly declined the past few months from the height of just over 7% in late 2022, but there is still skepticism if home prices will really decelerate. The market remains tight given low inventory and many people who purchased or refinanced their homes recently at a lower mortgage rate may just stay put. New home construction starts have also fallen in recent months. Candi & Scott agree. “The bottom line is, we don’t see the market drastically dropping, but rather leveling off a tad. We will continue to see low inventory,” said Scott. Furthermore, each region/area in the country is completely unique, and while some areas might see prices drop, some might see prices rise a bit based on inventory levels and other factors.
Experts aren’t exactly forecasting a huge housing market crash like some people might be anticipating. Rather, the market will continue to correct itself from the double-digit percentage increases in appreciation, according to Forbes. “We are starting to see pricing similar or just slightly higher than what it was pre-pandemic. The pandemic-induced chaos of multiple offers significantly over asking price with no inspections are dwindling,” said Scott. “It’s back to somewhat normal real estate practices for 2023.”
The Local Area
Even Prince knew there was something special about Lake Minnetonka—needing to purify yourself in its waters. Minnetonka, a Dakota word meaning “big water,” certainly lives up to the name. The Lake Minnetonka area continues to remain one of the best areas in the Twin Cities to live in, and no matter the market, what makes this area special will never change. The biggest lake in the Twin Cities metro area, and ninth biggest in the state, it borders 13 cities and two different counties. The abundance of activities, sports, entertainment, and recreation for those who live in the area and for those who come to visit is endless.
“Between our award-winning school districts, the general maturity of our neighborhoods, lake life recreation activities, and our amazing parks/trail systems, the Lake Minnetonka area will continue to be a coveted community in the Twin Cities,” said Candi. “It’s just a great place to live your life!”
If you are interested in connecting with Scott and Candi Stabeck, visit thestabeckgroup.com or call 612.747.5863
"Having a marketing plan in place that is effective and specific to your home will prove to be more important than ever in 2023. We help to properly stage, position, and market properties to sell for top dollar."