Everyone is wondering about the buyer situation, as we notice the market twisting and turning. So, are things getting better for buyers?
Although our local stats will not reveal the real "feel" of the market as we see prices still rising and inventory still at an all time low, yes, things are getting better for buyers. Active buyers, that is. You see, the rising prices and interest rates have edged many of our buyers out of the market, leaving fewer buyers for each listing. Rather than 20 offers on a particular listing, we may see 3-5 offers and sometimes only 1 offer! It’s true!
We recently wrote an offer for a client and we were the only offer and secured the property at the list price. Granted, this listing had previously been overpriced for the shifting market, and yet, because we were willing to be patient and wise about our approach, we got it with no hassle-and both buyer and seller are elated!
Buyer opportunity dynamics are in constant flux, but the bottom line remains: buyers have a great opportunity to buy with less stress this year than last. Sure, interest rates have creeped up, but they are still historically low. None of us thought we’d ever see 5% when I entered the market in 2002, and we have seen much lower than that! Interest rates are always in flux, so when there is an opportunity in our market, and you are looking to move… take it! Call to discuss. We are always happy to help!
The question that everyone is asking, as our interest rates rise: "Will prices come down? Have they come down already?" A loaded question, indeed! Well, the answer is, of course, "yes and no."
According to our local stats, pulled from Northstar MLS, June of 2022 records the median sales price to be just about equal to that of May 2022, which was up slightly from the month before. But what does median (or a average, for that matter) sales price across the whole Twin Cities tell us, really? Well, not much.
As a local professional, I always turn to a more micro-market approach when identifying trends in pricing, as real estate is what we would call, "hyper-local." One neighborhood may stay steady while others decline or even increase as interest rates change. Price ranges and property types will vary where these dynamics are concerned, as well. Have I noticed a decrease in price on specific property types in specific areas on specific days? Yes. Do I consider this to be the trend overall? Yes, no and maybe.
Often times, we find that prices continue to climb as interest rates begin to rise. Buyers who were formerly on the sidelines will often jump into the market to make their move before rates go any higher. Considering our inventory shortage, which is still very real, I do believe that though prices may ease in their rapid climb, we will still see them continuing to move upward in many of our micro-markets. Pricing is both an art and a science, and a deeper analysis of each unique situation is required now more than ever.
If you would like to know how your home will fare as you consider your upcoming move, give me a call and I can share a hyper-local perspective that takes into account all of the dynamics we are currently experiencing in our local market. I am always happy to help! -Angela
Many of our clients call us with questions that relate to the current market conditions and what they should be doing to prepare for a successful sale. With the lack of inventory, it seems you can literally "throw" your house on the market and expect an offer. However, is it merely and offer that you're looking for? Or is it the very BEST offer that you're looking for?
I maintain that although it is true that our inventory problem has caused the rapidity of receiving offers to increase substantially; it is still in our clients' best interest to prepare well. And we are here to help!
We are not merely looking for an offer. We would like to procure the very BEST offer with the very best terms and the absolute highest net dollar to our clients. To this end, we are still committed to doing the work that is necessary to achieve the very BEST results. We are committed to helping you prepare your home, to marketing your property with the same results-oriented and aggressive marketing we have always excelled in, and to strategically negotiate the very best terms and price for you... even in a hot market.
Again, we're not looking for AN offer; we're looking to get you the BEST offer. Is this the type of commitment you're looking for when you move? We are here to help. Give us a call or reach out by text or email. We will give you peace of mind in your listing process because you can be certain that you're getting the best of the best at every step!
What is happening in the Twin Cities real estate market in May 2019? Check out the stats on where we’re at and what it means to you this month.
Let’s look at the Twin Cities real estate inventory and sales trends for July of 2018. Is now a good time to make your move?
Are we still experiencing a low inventory of homes? Angela will discuss what the spring told us about the direction that our Market may be headed for the summer.
What’s really going on in the Twin Cities real estate market? What does “low inventory” mean to me?
As we approach spring, buyers are looking for houses to buy and sellers have a great opportunity to sell for top dollar!
Let’s take a look at the Twin Cities market and find out which types of properties are selling and how it affects your move!
Let’s look at the trends over the past few years and try to predict our future market and whether this year is your year to make a move!
If you have questions or would like to chat, we’d love to hear from you.
Welcome to our blog. We hope to be able to provide you with some valuable resources about selling and buying a home in the Twin Cities. We may also include a favorite recipe of ours from time to time, so check back often.