Minneapolis is trying to shake off the cold winter by moving into a spring buyer's market. Agents say homes are selling, but pricing correctly is key for sellers, while low interest rates still favor buyers.
Realtors Cindy and Joe Niece report that "the market has changed from a very strong sellers' market to a more neutral market. Minneapolis has it all, from very low-priced starter homes to outrageous multi-million dollar spreads. Affordable homes are selling very fast if they are priced correctly. If you are looking for a starter home in Minneapolis, make sure you are looking every day or have someone else looking for you. Prequalification is a must if you are looking for a good deal, and you need to get out and see homes as soon as they come on the market."
The Nieces' advice for sellers is, "If you are selling a home, start the selling process before you start looking. If you can't, make sure your home is ready to be put on the market immediately. This is the perfect time for first-time buyers and buyers that are looking for a bigger home to get into the market. The interest rates are just icing on the cake."
"We are seeing more and more price reductions and incentives offered to buyers," says Realtor Angela Larson. "Particularly in the condo / townhouse market, where I specialize, prices seem to be leveling a bit, and the choices seem to be more plentiful. While there is still plenty of higher-end new construction taking place, the number of affordable or "low-end" properties are becoming more and more scarce."
Mary Leizinger. "The pace of sales in Minneapolis continues at a brisk pace since the first of the year with 114 properties sold and closed at an average price of $157,114 or 99% of the seller's list price," she explains. "An additional 447 properties have been sold, but have not yet closed. The average list price of these pending sales is $193,987 with an average market time of 36.2 days."
"There are 557 single family, condo and townhome properties currently being offered for sale with starting prices of $49,900 and averaging $259,925," Leizinger adds.
Concludes Realtor Mary Jo Oren,"In certain parts of the Metro Area, it is clearly a seller's market and some homes are being sold with multiple offers in the first few days. In other neighborhoods, homes are not selling as quickly, and there is still value for your dollar to be found."