Even though it still feels like winter most days in Minnesota, the spring real estate market is here! With the inventory of homes for sale at historical lows, it is a seller’s market. The Minneapolis Area Association of Realtors is reporting a change of -26% from January 2017 to January 2018 in homes that are for sale. As the supply of homes remains low in 2018 and demand is consistent, the prices are increasing.
The good news for buyers is that loan rates are still low and so buying power is still protected. In this kind of the market, many times there are several buyers making offers on a home and competing against each other. Of the buyers that Team Lucky Duck helped last year, 40% found themselves in multiple offer situations and were still able to secure the home with our help. We anticipate that 2018 will continue to be a competitive marketplace for buyers and so are continuing to provide the most up to date information and strategies to help our buyers be successful.
Our goal is to help over 60 clients this year with their real estate needs. Who do you know that could use our assistance? If you, your friends or family are interested in buying, selling or investing in real estate, please send them our way. There has never been a better time! We would love to earn their business and take great care of them by providing five star service.