TWIN CITIES AREA
There’s more good news in the Twin Cities metro real estate market! Homes continue to sell for more money in less time, according to data from the Minneapolis Area Association of REALTORS® (MAAR).
The median sales price in April is at its highest level since September 2008 at $182,312, and homes are now selling in an average of 98 days, down 27.4 percent from last April. According to available data, homes have not sold this quickly in more than seven years!
Fueling the quicker sales and rising prices is the lack of inventory of homes for sale. Overall inventory levels were down 29.3 percent from last year and were nearly level with the previous three months, which are usually experiencing greater “spring market” increases.
With so few homes to choose from, buyers are competing over properties, and many homes are ending up with multiple offers, some within days of going on the market.
Multiple offer situations can be a strategic challenge for both buyers and sellers. For buyers, how do you make your offer the most attractive? For sellers, how do you choose which offer is the best? We’ve created two brand new videos addressing these questions.
Watch them now: Buyers' tactics (multiple offers) and Sellers' tactics (multiple offers)
If you have been thinking about selling, but have been relying on your tax assessed value to determine feasibility, you should know that tax assessments do not take into account rapid shifts in the market, and in many current cases, they are lower than the real value of a property. Contact your REALTOR® for a no-obligation market analysis to find out how much your home could be worth in today’s market.
If you are thinking about buying, the outlook is still bright. Mortgage rates remain near record lows and prices are still well below their peak. All in all, it’s a great time in real estate.