Tips for Selling this Spring in Minneapolis

Tips for Selling this Spring in Minneapolis

This blog post was written for us by our guest, Julia Aldrich. If you would like to be a guest blogger please reach out.

Minnesota is known for its cold and long winters. Now that April is here, Minneapolis residents are looking forward to warm and pleasant spring days that await them. The spring is a popular time to sell in the area because of this. People get outdoors and generally find themselves happier and more energetic during the warmer and longer days. If you’re someone who anticipates selling their home in the next few months, it’s a good idea to get acquainted with the local market and nationwide trends surrounding real estate. Here are a few tips based on top agent insights for 2022 and the local Minneapolis market. 

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Rising Prices and Demand

The Minneapolis metro area is growing in popularity, and has grown to 3.7 million residents in the city and surrounding suburbs. This has put the area into a seller’s market which has led to increasing prices of homes and a higher demand for them in general. The region has a lot to offer, so it makes sense why it’s becoming more and more popular. As a seller, we recommend observing the prices of home’s in the area and choose a time to sell when the competition is high. It will give you an edge and help you sell your home quickly and for a solid price.

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Increased Number of Cash Buyers

As we have become more reliant on technology, the rise of “cash buyers” has been a significant one. Cash buyers are able to offer something that traditional buyers usually can’t: a quick process that doesn’t involve a mortgage loan. As a seller, you’ll want to become acquainted with these types of buyers and the different forms that they come in. It’s important to note that in most cases, you will make more money going the traditional selling route than going with a cash buyer. However, if you’re in a pinch and you’re willing to sacrifice some of your profit, this could be something to consider.

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Inventory Shortage

Since the beginning of the pandemic, the country has been experiencing an inventory shortage. This has affected the housing market continuously as builders have been unable to import supplies at the rate that they need for construction. Additionally, this also affects renovations and remodels. As the year proceeds and COVID-19 levels drop, we’re hoping that the inventory shortage gets a little bit better so that building plans can proceed as planned. 

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People Leaving Jobs Will Affect Housing Market

In the past year, a growing number of people have quit their jobs due to unideal working conditions or self-employment/freelance opportunities and this trend doesn't seem to be slowing down.

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Summary

With the spring and summer months just around the corner this year is going to be a very booming year in terms of real estate. If you’re considering selling your home, stay on top of market trends and hire a real estate agent who is able to fit your needs. The Matt Engen Group in Minneapolis serves the Twin Cities and is available to help you with any buying or selling needs you have!

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