Low inventory adds to hot housing market
Temperatures might still be cold, but it’s not slowing down a sizzling Twin Cities housing market. Houses often sell before there's even a "for sale" sign in the yard.

"We’ve been looking for a few weeks and it’s been a little disheartening," admits first-time homebuyer Anne Lindstrand, who hopes to get settled in a new home before next fall. "You see a place and then as you are driving out, you get a text that they’ve already had a few offers already. We’ve lost a couple because they’ve been sold before we’ve even drawn up an offer."

Re/Max Results realtor Jerry Moscowitz expects this year to be even busier than last year.

"It’s crazy," says Moscowitz. "You are facing a very short time period to make a big decision, maybe the biggest decision you’ve ever made. It’s not uncommon to see multiple offers in the first 24 hours, especially under the $250,000 range."

Moscowitz says buyers want to get ahead of possible rising interest rates, plus there’s low inventory which creates a perfect storm for a hot market.

A report out this week by St. Thomas points to four reasons why there are fewer homes to buy in the Twin Cities. More people are renting single-family properties, which means fewer homes on the market, plus people are still climbing out from low or negative equity left from the recession. Some cite job uncertainty or financial concerns. Then, there's a growing trend of people staying in homes longer.

"There is such low inventory we are running into a situation where the sellers are not putting a house on the market because they can’t find a house for themselves," says Moscowitz.

To make a winning offer, Moscowitz recommends buyers offering to pay closing costs and offering to be flexible with the closing date. Of course, buyers should have all of their financial ducks in a row to show the seller they are serious about and able to buy the property too.

Shannon Slatton, reporting
on Twitter: @sslatton

March 10, 2017


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