Now is a great time to sell your home, say local realtors. Supply is low, while demand is high.
According to the Minneapolis Area Association of Realtors, there was a two-month supply of homes in January in the seven-county metro. That's compared to a three-month supply in 2015. A balanced market is usually a six–month supply. The low inventory is seen across the northwest suburbs.
"When I list a house I get many, many, many, showings," said Becky O'Brien, realtor with Re/Max. "Anything under $300,000 if it's price correctly, it flies off the market."
O'Brien found 42 homes available in Maple Grove, but one-third of that number is pending inspection.
"I'd say 30 are available in all of Maple Grove from $150,000 to $300,000," said O'Brien. "That's not a lot."
In Brooklyn Park there are 57 homes on the market in the $100,000 to $300,000 price range, but again one-third are pending, so the number of available is around 40. O'Brien says that's low for a community with a lot of houses.
The good news is more houses are expected to go on the market as it gets closer to spring, but the affordable ones are in high demand.
"The smaller homes, there's more people that want them, that can afford them, that's why there's less supply,"explained O'Brien. "They're just not building homes from $150 to $250,000 anymore."
O'Brien says buyers have to be aggressive if they want to lock in a deal. Be prepared to pay a little more than the asking price and act quickly.
If you have more money to work with, you might get a good deal on an older, more expensive house. O'Brien says an older home in the $500,000 price range is harder to sell because people can get new construction for the same price, so there's some room to negotiate.
Sonya Goins, email@example.com