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Today, I wanted to give you a quick update on what’s going on in the spring market here in the Twin Cities.
Right now, there is literally no inventory on the market. There are so few homes out there for buyers to choose from that we’re starting to see multiple offers again. Inventory is actually down 20% from where it was a year ago.
It’s the same with the days on market. Sellers that list their home are spending 15% fewer days on the market than they were last year.
There’s a lot of pressure on buyers right now. They’re seeing interest rates go up; they spiked up almost half a point within the last month. On a $300,000 loan balance, a half a point increase means an extra $1,500 per year, or between $120 and $130 a month.
If you’re a seller and you’re thinking of listing your home this year, you need to get your home ready for the market as soon as possible. Our spring market is fabulous for sellers, but it does come and go rather quickly. There is usually a slowdown toward the end of June and into early July.
Buyers looking to enter the spring market need to be ready to act fast. Contact a qualified lender and get a pre-approval letter, and be sure that lender has done underwriting on your file so that you’re 100% good to go. Meet with a Realtor who knows the market that you want to buy in so you can strategize the best way to win out on the house you want, especially if it has multiple offers on it.
We have three examples from within the last couple of weeks of just how hot the market is. One is a beautiful home that we listed in St. Louis Park that received a whopping 52 showings in 72 hours.Four of the offers were over list price.
In Burnsville, a property had 33 showings over the weekend, and seven offers were tens of thousands of dollars over the list price. Another property in Lake Minnetonka had been on the market for over two years, and it just sold in less than a weekend.
Timing is everything when you want to sell a home in the Twin Cities.
If you’re thinking of buying or selling a home, feel free to reach out to us. We’d love to meet with you and discuss your situation.
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Let’s Explore Your Selling Options. We will help you sell your home at the price and terms you want. Free Selling Strategy Call
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