Summer has continued to see historically low inventory of homes for sale resulting in a seller’s market in the Twin Cities. Buyers are still competing with multiple offers and offers above list price. However, that may be changing. May was the first month in 2018 that saw the number of new homes for sale in the 13 county metro area increase compared to the same period in 2017. Although that didn’t make up for the difference between 2017 and 2018, the total number of homes for sale remained less in 2018 than 2017. It will be interesting to see if the new listings will continue to increase and help to close that gap or if we will continue to be in a seller’s market throughout 2018.
Even though it is a competitive market for buyers, it is still a very good time to purchase homes. The historically low interest rates have jumped twice this year and are anticipated to continue to rise. So buyer’s purchasing power is still currently high but will decrease as interest rates continue to climb.
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.