Minneapolis Market Update and Feedback
The spring buyoff is in full-force. Homes are definately moving. I had a very busy open house today and had many conversations with buyers. They all had pretty much the same story: Yet another beautiful home that was priced well, sold before they came to see it. They waited too long.
Example: The home I had open today went on the market on Tuesday and officially sold yesterday. Three buyers were circling the night it went on the market, and it was only a matter of who would pull out their pen and write a purchase agreement first.
The home had to remain open today because the open was scheduled and the buyers have not yet had their inspection (which should not be a problem, as the home is in pristine condition), but all people today were not too happy to hear it had sold.
At least 6 groups of buyers were very distressed (to say in the least). They said this has been happening to them lately; they find a home on the MLS they like, or their agent has been asking them to see, the buyers hesitated, thinking it would be there forever, only to find when they finally do consent to a showing, or come out for the open house, the home is sold.
Recent Minneaplis Area Association of Realtors (MAAR – linked on sidebar)Market statistics show that homes are indeed moving and have been doing so for the past few weeks.
With interest rates still bouncing around the 6% range, home prices at or near bottom, you’ll wish later you were buying now.
Advice #1: when you think you’ve found the right home, don’t hesitate…it’s likely the other people who’ve had their eye on it won’t either.
Advice #2: If you’ve been waiting to see if rates and pricing are going to get better, don’t. I don’t think they will, or at least not by a significant enough amount to wait for the right home to drop in price, or rates to lower. Most lenders and agents I speak with think the same way.
Now is the right time. As an agent with Edina Realty at the 50th and France office, I see a lot of nice listings in the Minneapolis downtown, lakes-area, South, Southwest and Edina areas. The problem is, I don’t see the decent listings for very long, because when a good one comes on the market, it sells very quickly.
This means you see them even less…if at all.
There are a lot of listings, but not a lot of great listings. When a good one comes along, I suggest you move fast!
There are many buyers looking for the same thing.
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