Minneapolis Real Estate Market: When Will We See More Listings?
If you’ve been actively looking online maybe you have seen how fast homes have been flying off the shelve, as soon as they are listed BOOM! Offer accepted.
Currently in Minneapolis we only have a 2 month supply, that’s right. If no more listings came on going forward it would take only two months to sell every home currently listed. The average is around a 6 months.
With as many buyers currently looking and the shortage of homes available it’s becoming a frenzy. The few homes that are being listed are selling within hours and receiving multiple offers, for example I scheduled a showing this morning at 9am to see it in the evening, by noon sellers were already calling for highest and best. It’s a seller’s market for sure. (hint: If you’re looking to sell, this spring will be the best time to do so, the market is constantly fluctuating and if you wait too long you might be too late)
For buyers who are currently looking or thinking of beginning your home search I have one piece of advice:
Patience is key, your home is out there waiting for you.
We are in a small transitional period going from Winter into Spring. During this period homeowners who actually planned to sell this year are getting their homes ready with last minute updates that maybe weren’t possible because of winter temps, like exterior paint, roof, siding etc..
There’s what’s called the Magic Window, here in Minneapolis it’s May 1st. From the last week in April to the 2nd week in May you will statistically see the most amount of listings.
So here we are. Drawing open the curtain into the spring market. While you sip your cup of patience I suggest you prepare and get all your ducks in a row so when you see that glorious adorable listing slide into your email. POW! You’re ready to take your shot and make an offer.
Remember: Talk to a lender who you trust and will give you a good rate and get pre-approved, It’ll save you time and Realtors will appreciate it.
Find a Realtor who understands your needs and situation. The right Realtor will guide you through the home buying process, They will listen and give you the best advice, they won’t pressure you to make offers. Most of all, they’ll be your friend because friends don’t let friends buy a bad house.
Finally Stay Positive! You might lose a few offers, you might have a bad inspection, you might discover that the house you offered on has a mouse infestation but stay positive, & get a cat.