record low inventory

Our local real estate market is expected to continue to do very well in 2021. Prices are up over last year. According to the 2020 report released by the Minneapolis Area Realtors the median sales price rose by 8.9%. A record high. Days on market are down. Mortgage rates are at historic lows and buyer activity is strong. The only thing missing is inventory, it’s at an all time low. What does this mean for you as a home buyer and a home seller?

If you are a Home Buyer:

  • Be realistic and clear guidelines for what you want.
  • Be patient, it may take several tries to secure the home of your dreams.
  • Be ready, when you finally find the house you will need to make some quick decisions. Discuss how far you are willing to go with your partner and your real estate agent. Make sure you understand what that all means.

If you are a Home Seller:

  • Discuss whether or not you need to wait for the Spring market. Buyer demand is at an all time high. Now really is the perfect time to sell.
  • Be ready manage showing activity and your personal COVID 19 safety concerns. Discuss these with your agent prior to going on the market.
  • Understand that you are in the drivers seat but be reasonable. The shoe may soon be on the other foot.