01 Oct How does our fall and winter real estate market change
How does our fall and winter real estate market change?
This fall.
Let’s start with the fall. My comments reflect historical trends and my prediction. The pandemic might change the predictable historical patterns but I’m combining that with my insights. We started this spring with about half the listings of home for sale in the previous year. Add incredible interest rates and pend up demand and our spring saw ridiculous number of multiple offers and over bidding. Since the spring listings have gradually come back to be within about 15 percent of what they were a year ago. This is due to reduced sales and more inventory coming into the market. What do I see this fall? More homes on the market and longer marketing times generally on average for the Twin Cities area. There will be pockets of homes in certain pricing and in certain areas that will be better and worse than that average. Generally, we will see fewer multiple offers and more of a neutral real estate market instead of strictly a sellers’ market.
This winter.
In the past the winter is the best time for a buyer to buy a home if they can find one that fits their needs and don’t need to see the yard. This is because there is less buying pressure and multiple offers are more the exception instead of the rule. But on the other side of the coin inventory of homes for sale is the smallest for any time in the yearly real estate cycle. Some homes, like lake shore, are hard to buy since the lake is such an important part of the purchase and you cannot examine it.
Both seasons will offer good buying options and sellers will sell their home but will experience longer marketing times.
Look for a blog in the future that talks about what to expect next spring.
Hope you found this blog helpful on How does our fall and winter real estate markets in Minnesota.
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Please reach out to me if you have questions about housing in Minnesota at 612-386-8600. Look for more articles and videos in the future on different aspects of real estate and our state of Minnesota.
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Real estate is a wonderful investment!
Jeff Anderson
The Anderson Team
www.mnrealestate.com
RE/MAX Results
612-386-8600
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