Edina, Minn. – March 27, 2012 – This spring may be the best time in eight years to sell a home, according to Edina Realty experts. Edina Realty is holding an Open House Extravaganza this Sunday, April 1, when both interested homebuyers and potential home sellers can peruse hundreds of homes for sale.
The reason it’s a good time to sell is because there’s a shortage of homes for sale right now. The housing market inventory is the lowest we’ve seen since 2004, according to the Minneapolis Area Association of REALTORS® (MAAR). MAAR also reports that home sales are also way up – the 13-county metro area saw a 34 percent increase in pending sales in Feb.
“Sellers are finding that their homes are selling more quickly, and some are even getting multiple offers, which can increase the final sales price,” said Edina Realty president Barb Jandric. She had a special message for homeowners who have been sitting on the sidelines, waiting for the market to turn. “The market HAS turned. In fact, there’s actually a lot of pent-up demand for quality homes in good neighborhoods.
“Minnesota was one of the first markets to go into the housing correction, and we believe we are one of the first to come out,” Jandric said. “We have as favorable a market for sellers as we’ve experienced in the last eight years. Simply put: we need more sellers to get in the market NOW.”
The spring market is when most real estate transactions take place. The Minneapolis-St. Paul-Bloomington market ranked the top healthiest market in the nation, based on housing projections from Moody’s Economy.com. In fact, the Twin Cities market is technically in a balanced market with 4.6 months of inventory. Minnesota also is reporting the lowest unemployment numbers since 2008, and homebuyers continue to be blessed with both low housing prices and low interest rates.
For more information on the housing market, to view homes for sale and property listings, or to find a Realtor® who specializes in your community, visit http://www.edinarealty.com or m.edinarealty.com from your mobile device. You can also download free apps from your iPhone or Android phone.
Edina Realty, a subsidiary of HomeServices of America, is one of the nation’s largest real estate companies with approximately 60 real estate offices throughout Minnesota and Western Wisconsin and 2,100 REALTORS®. Edina Realty’s family of companies includes Edina Realty, Edina Realty Title and Edina Realty Mortgage. Edina Realty handled nearly 27,000 transactions and $5.4 billion in sales volume in 2011. For more information, visit www.edinarealty.com or find us on Facebook and Twitter: facebook.com/EdinaRealty and twitter.com/Edina_Realty.