Newsmakers: MAR President Talks Spring Housing Forecast
Minneapolis Area Realtors President Jamar Hardy says the spring market is looking good, with inventory on the rise.
“I think inventory is growing a little bit, and there are a lot of new construction options,” said Hardy. “The spring market is looking good. We definitely feel like we are ahead of pace.”
Data from Minneapolis Area Realtors and St. Paul Area Association of Realtors shows both buyer and seller activity rose in February, with homes selling in less time and at higher prices.
While the market has slowed since the post-pandemic flurry where sellers would have dozens of offers on a single house, Hardy says the best advice for both buyers and sellers is still to “be ready right now.”
“There’s still that competition out there,” said Hardy. “We are still hearing multiple offers situations. For buyers, you can still get competitive offers with inspections and timelines that are more realistic to a buyer’s needs.”
Hardy also encourages first-time homebuyers to see if they qualify for the new First-Generation Homebuyer Loan Program.
“It’s hopefully going to help about 5,000 families who are first-generation families get into homes this year,” said Hardy.
You can learn more here: https://www.mnhousing.gov/homeownership/firstgen.html
See also: Maple Grove Realtor: 2024 Home Sales Outlook Shows ‘Promising’ Signs
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