28 Mar Our area association so Realtors has recorded and increase of purchase agreements of 6.7% of February of last year to this February.
The Star Tribune published an article this month talking about our spring market. In the article they talk about some of what we are seeing as real estate agents that are very active in the market.
Our area association of Realtors has recorded an increase of purchase agreements of 6.7% of February of last year to this February. The other elements that are adding steam to our market and values are interest rates below 4% and the inventory of homes for sale that is 19.4% less than this time last year.
My predictions…rates will continue to be low this spring with a slow trend of increases throughout the year. The inventory of new listings will increase this spring but will not be sufficient to prevent multiple offers. The homes that most likely receive multiple offers are those that are in good repair, staged well, have popular locations and in the lower price ranges. We are already seeing multiple offers on just about all homes that meet that criteria in price ranges under $300,000 throughout the metro area.
In this type of real estate market it is in your best interest to work with an experienced buyers agent who knows the market, financing and offer strategies. The experience of having an agent with success with multiple offers will give you a real advantage!
The same is said for listing your home with a real estate professional. It is important that your agent has a comprehensive marketing approach, understandings the keys to staging and preparing your home for sale and has the negotiation skills to get you the best price.