The 2017 home buying season is in full swing in the Twin Cities, and it’s a seller’s market. That’s great news for homeowners who are looking to upgrade or downsize, but a seller’s market can be tricky for people who are trying to buy a home. Don’t let the hot market scare you away. Instead, call your friend in real estate Trent Shipley who can help guide you through the seller’s market (or help you price and sell your home).
New Listings and inventory are both down.
Over the last three months, there’s been a net decrease in both new listings and housing inventory throughout the Twin Cities metro area. The number of new listings is down approximately 22% compared to this time last year. The decrease in housing inventory reflects a 10-year downward trend in the number of homes for sale in the metro area.
Meanwhile, homes are pricier and stay on the market fewer days.
Housing prices were up an average of 7 percent in March 2017 compared to March last year. The median price last month for a home in the Twin Cities was $237,500. And despite rising prices, sellers are getting nearly their entire asking prices—98.1 percent in March 2017.
While prices rise, the average number of days a property stays on the market is going down. Homes that sold last month stayed on the market an average of 73 days. That’s down more than 14 percent compared to the same time last year.
With housing supply down and prices up, it’s a great time to sell your home. There’s less competition from your neighbors and lots of demand from first-time and move-up buyers. But just because it’s a seller’s market doesn’t mean you can go crazy with your pricing or ignore updates your home needs. Houses can be overpriced and show poorly even in the hottest market. That’s why it pays to work with a Realtor® who will use a comparative market analysis to help price your home and give you tips on what you should update for buyers and what you can skip.
But what’s great news for sellers is disheartening for buyers. Some buyers are thinking twice about shopping for a home this season. If that’s you, don’t let the seller’s market scare you off. Work with a Realtor® who will work tirelessly to find your next home.
For help buying or selling your home in the seven-county metro area, email Trent Shipley at Keller Williams Realty Integrity NW or call 612-310-4770 today.