02 Jul Single-family home market in the Twin Cities
Single-family home market in the Twin Cities
The single-family home market has been hot in the Twin Cities and throughout the nation. Just how hot is it?
What is the single-family market like right now?
The single-family market in the Twin Cities suffers from low inventory and combining that with near record low interest rates creates lot of demand. The result is multiple offers and short sale times. Here are the number for the six county Twin Cities area.
· Coming soon status: 254. Average list price is $441,065.
· Active homes for sale: 2,714. The average list price is $664,753 and 64 days on the market.
· Single-family homes in pending sale status (sold but not closed): 5,333. That is almost twice as many homes as we have on the market!
How can I find a single-family home right now?
The simple answer is yes. What will it take? Seeing the homes as soon as they are available, making strong offers and working with an agent who has experience in this type of market! There are strategies you can use like…limited inspections, home warranties, guaranteed appraisal, seller letter, rent backs, flexible closing date, large earnest money, etc. that can put you in position to be the winning offer. It is also important to look at comparable sales and understand if the home represents a value or is overpriced.
I hope this blog on “Our single-family home market in the Twin Cities” was helpful.
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.
Real estate is a wonderful investment!