A real look at the Twin Cities real estate market for Spring
Here is the thing…
January and February the real estate market in the Minneapolis St Paul area was great. There was a LIMITED SUPPLY of listings, the weather was unseasonably nice, along with the other various market components (interest rates etc).
Late February and March came along with some wicked snow and cold. Sales about halted with that.
Once the snow melted and the sun poked its head out, a few things happened.
One, buyers (people wanting to buy real estate) started looking at real estate again. Two, sellers (people wanting to sell their real estate) thought it was a good time to sell too.
Heres the problem folks. If you look at the previous 18 months of real estate, sales have been slow. There are statistics posted all over the Internet. What most full time realtors dont need is published statistics. Guess what, those sales are our business, its our income, and it doesnt take much to watch the balance on your checking account slowly diminish. And history is repeating itself. Anyone who has ever considered selling their home has decided to try. Bad idea. With too many listings on the market, buyers think they have all the time in the world, and honestly they really do. If you are thinking of selling, open your front door, turn left, turn right. See a house for sale? If so, think hard about listing your house. Because if you walk one block down and do the same thing, youll probably find another house for sale. This is bad for sellers. The longer your house sits on the market, the lower any potential buyer is going to offer you. No, you dont have to accept the offer, however if/when you get another offer, its not going to be any higher (usually). Price your house well, think hard about timing, get good advice, and go.
Now buyers, if you have read the above, this means opportunity. More properties on the market does mean more options. Easier to negotiate. Its your time. It does not mean wait! Take advantage of having this buying power before things change. Interest rates will eventually go up. Listings will eventually go off the market.Â
Realtors coach your clients well.Â
Buying or selling a property is an emotional decision for most. The news in the market probably doesn’t help to move the inventory either. When interest rate start ticking up, and the media frenzy starts to “warn” people of it, you’ll probably see a surge in buyer activities which is not the best thing for the right buyers. But that’s the “fear & greed” of our society.