Year-over-year median home prices have been on the rise for more than two years in the 13-county metro area*. What does this mean for you – whether you’re a buyer, seller or owner?
Sellers
Inventory remains near a 10-year low, and year-over-year double digit price increases are almost becoming standard. These are two sure signs of a sellers’ market and if they both continue, smart sellers will be able to entice buyers for their properties at a fair price quite quickly. (See our article on how to leverage multiple offers.)
Homeowners
Owners are coming out from underwater – CoreLogic reports that 9.7 percent of Minnesota homeowners have negative equity on their homes, down from 16.4 percent two years ago.
In fact, today’s market is changing so quickly that some homeowners are finding that their tax-assessed value is inaccurate.
If you’re a homeowner who isn’t sure what your home is worth, contact us for a FREE comparative market analysis. There’s no pressure and no obligation; we just want you to be informed about your current home value.
Buyers
Prices and mortgage rates are rising, sure, but they both remain low from a historical perspective. If you’re ready to buy, then start the process now. Both rates and prices are expected to continue rising.
The good news for today’s buyers? When the market was saturated with foreclosures and short sales, investors were snapping up these distressed properties with cash offers, frustrating traditional homebuyers. These investors are now leaving the market as distressed sales dwindle. The result? Buyers are now competing for higher priced, higher quality homes – on a more even playing field.
Ready to see what’s out there? Search homes for sale now.
*Based on information from the Minneapolis Area Association of REALTORS®, Inc. Data collected from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC. for properties in the 13-county region.
