MNN -- The recent spike in interest rates doesn't seem to be influencing homebuyers.  Minnesota Realtors President Chris Galler says interest rates are still historically low.

Realtors are telling us that buyers are still in the market. Yes interest rates have gone up they're still historically at a good rate but over the last few years they've been very very low

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Another bright spot, Galler says home inventory is improving.  He says there are more homes on the market this year compared to last. However, individuals getting into the market may have to re-adjust their focus a bit:

Trying to find homes that fit their need. If they were planning to spend under their maximum now they might be closer to their maximum mortgage. If they were looking at their top dollar amount they're probably looking at a little different homes in the marketplace right now

The American Community Survey says Minnesota’s home ownership rate is nearly 73%, 8% higher than the national average.

 

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