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What’s Happening in the Twin Cities Market?
Manage episode 166652785 series 1317654
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Is it a buyer’s market or a seller’s market out there?
For the most part, in the 13-county metro area, we’re currently in a seller’s market. Above the $500,000 price range, however, the advantage shifts toward buyers because there is a lot more inventory available.
Supply and demand are really important here in the Twin Cities market because we only have a three month supply of inventory. This has created a bit of a feeding frenzy with buyers under the $500,000 price range. In many of those cases, homes will sell in under a week. We’ve even personally been involved in transactions that have lasted only as long as four hours.
It’s a good time to be both a buyer and a seller as long as you price your home right and set realistic expectations when it comes to the real estate you plan on buying.
If you have any questions or thoughts regarding future topics you’d like us to cover, please feel free to give us a call or send an email.
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For the most part, in the 13-county metro area, we’re currently in a seller’s market. Above the $500,000 price range, however, the advantage shifts toward buyers because there is a lot more inventory available.
Supply and demand are really important here in the Twin Cities market because we only have a three month supply of inventory. This has created a bit of a feeding frenzy with buyers under the $500,000 price range. In many of those cases, homes will sell in under a week. We’ve even personally been involved in transactions that have lasted only as long as four hours.
For the most part, we’re in a seller’s market.
If you’re a buyer operating under that price point, you can expect fierce competition. If you’re a seller, you can expect your house to move very fast. Due to low interest rates, the affordability index is incredibly low.
It’s a good time to be both a buyer and a seller as long as you price your home right and set realistic expectations when it comes to the real estate you plan on buying.
If you have any questions or thoughts regarding future topics you’d like us to cover, please feel free to give us a call or send an email.
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