Minnesota Real Estate March 2019 Update: What You Need to Know
Desrochers Realty Group is here to give you expert advice heading into the busy spring season. Find out what you need to know about the 2019 spring real estate market.
Inventory is still low, and under $300k properties are still going very fast. Similar to the last few years, there are still less homes available than buyers looking in this price range. If you are in the market for a home in this price range, get your ducks in a row and be prepared to act quick. Have financing in place, and if possible, be prepared to make an offer not contingent on selling your own property.
Weather has made for a slower start. Record February snowfalls in Minnesota are definitely causing sellers to delay getting their homes on the market. Our advice is to not wait for spring to tidy up the yard and do everything you want to do when the snow melts – get on the market now. If you’re buying, be patient as more inventory is coming. Do not rush to buy a home and sacrifice something you really want because you fear you won’t find a home. More homes are one the way, and it’s worth the wait.
First-tier suburbs are still hot. According to Lending Tree, Minneapolis is the 11th most competitive real estate market in the U.S. However, all signs are pointing to a more realistic market and prices normalizing.
Home buyers are still tearing down and doing re-builds. If building is your goal, it’s still a trend to buy a home to tear down and re-build or completely renovate.
Don’t let fear stop you. It can be extremely difficult to know what to do in a competitive real estate market. What if your house sells before you find one? How fast or slow will your house sell? Will there be anything on the market you can afford? If you’re nervous about making a move, talk to your realtor now as they can guide you in the right direction.
Interest rates are still good. Last but certainly not least, interest rates are still good and therefore still a good time to buy.
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