Want to Buy a Home in the Northwest Suburbs? Consider Looking Farther Out
The spring Parade of Homes tour is underway, offering ideas and buying options in the northwest suburbs and beyond. The home tour takes place during what local realtors are calling “unprecedented times.”
“We haven’t seen quite the level of buying demand than we are right now,” said Brandon Doyle, with the Maple Grove-based Doyle Real Estate Team.
Doyle says the demand is fueled by low interest rates and a historically low supply of homes. The inventory headed into the spring season was only at a three-week supply. The market requires the supply to last six months to be considered balanced.
The lack of inventory has buyers considering places they may not have done so in the past. Doyle says he’s seen significant interest and growth in places like Buffalo, Rogers, St. Michael and Otsego.
“They’re finding they can get a lot more home for their money and actually purchase new in some of these communities,” said Doyle. “The homebuyers looking in Maple Grove and the Plymouth area, I know they’re getting really frustrated with what’s available.”
Doyle says he’s seen some existing homes have as many as 10-12 offers and sell the first week on the market.
“It’s very competitive for buyers and that can be rather discouraging,” he said.
An open floor plan with white cabinets are on trend.
Parade of Homes Tour Includes Exurbs
CCX News toured a home on Misty Curve in Buffalo, a 4-bed, 3-bath split entry that’s marketed to first-time home buyers. Built by Brooklyn Park-based Craftsman Custom Homes, the home, priced at $369,900, sold quickly.
“This has been a super popular plan for us. The builder builds about 20 of these a year and they sell very quickly,” said Doyle.
Builders are keeping with the current trends, which include a roomy entryway, an open floor plan and vinyl plank flooring – which is lauded for its look and durability. Gray paint with white cabinets and white trim is also en vogue.
As more companies see remote work as a viable option, Doyle says that could help buyers look farther and farther out.
“Buffalo is very affordable. You can buy a lot of home, get really good quality.”
To see this and other homes on the Parade of Homes Tour, you can visit www.paradeofhomes.org. One of the homes includes a “Dream Home” in Maple Grove, which costs $5 to tour. The purchase also allows access to other Dream Homes. Proceeds benefit Housing First Minnesota Foundation, a nonprofit that builds and remodels homes for those in need.
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