Is it a buyer’s market or a seller’s market out there?
For the most part, in the 13-county metro area, we’re currently in a seller’s market. Above the $500,000 price range, however, the advantage shifts toward buyers because there is a lot more inventory available.
Supply and demand are really important here in the Twin Cities market because we only have a three month supply of inventory. This has created a bit of a feeding frenzy with buyers under the $500,000 price range. In many of those cases, homes will sell in under a week. We’ve even personally been involved in transactions that have lasted only as long as four hours.
For the most part, we’re in a seller’s market.
If you’re a buyer operating under that price point, you can expect fierce competition. If you’re a seller, you can expect your house to move very fast. Due to low interest rates, the affordability index is incredibly low.
It’s a good time to be both a buyer and a seller as long as you price your home right and set realistic expectations when it comes to the real estate you plan on buying.
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