Letter from BRIX Real Estate

Life has tested us, again and again. No one claimed it would be easy. We are all survivors. Yet, even warriors rest in order to fight another day. We must breathe. Now is our time to slow down, to feel and articulate our needs. Serenity is essential.

As we look ahead to the new year, it is natural to reflect on the challenges born of the year behind us. And what a year it was.

At the beginning of 2022, who would have imagined that within two months Russia would invade Ukraine? The war was unthinkable until it was happening, causing a mass humanitarian catastrophe, as well as a global food and energy crisis. The ongoing war involving a major nuclear power already threatens to be one of the most deadly since World War II, and there is no end in sight.

At home, our already divided country became increasingly polarized with the overturning of Roe v. Wade in 2022, as well as voter suppression, among many other issues. Inflation has only turned up the heat on all of it.

Meanwhile, in the real estate market, we also saw an unthinkable, unprecendented reversal.

2022 began with a booming, energized economy and record low interest rates. Home prices surged across the country and here in the Twin Cities. Multiple offers, waived inspection contingencies — the year looked as though it'd be a true Seller's market, start to finish.

But the Federal Reserve responded to runaway markets with seven aggressive rate hikes, curbing mass inflation. This quickly turned the Seller's market into a Buyer's market — of sorts. Home owners are reluctant to trade homes, as they've locked in their mortgages during the period of record low interest rates. We leave 2022 in a Buyer's Market without many buyers.

We are far from overcoming these challenges. Yet, we must still wake up every day and be present to the needs of our families, our friends, and our communities. This is only possible by finding peace and calm in our lives and ourselves in order to share it with others. We need to slow down and take time to see the beauty around us. We must be just as kind with ourselves as we strive to be with others. We need serenity.

In the seventh edition of the BRIX Report, you will find Twin Cities real estate market information and advice, as well as some of our favorite places and ways to find calm close to home.

We hope you enjoy.

- BRIX Real Estate