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Twin Cities February Housing Market - A Look at the Numbers

Twin Cities Home Sellers Doing the Happy Dance

Market snapshot: This is a very difficult market for buyers, especially in the lower price tiers as the theme of low inventory coupled with high demand endures. As inventory levels continue to shrink, it is becoming really tough to buy a home, especially for first-time buyers and downsizing boomers. Nevertheless, they persist.

So far, buyers, even faced with the shortage of available homes, rising prices and increased mortgage interest rates have not been deterred. Heading into spring, which is the strongest real estate season of the year, begs the question of how much inventory will we see in the market and will the increased cost of buying a home temper buyer demand. As long as job numbers and economic factors remain strong, buyer confidence should remain high and continue to fuel the demand for housing.

For the week ending March 11th and 18th, we see a decline in inventory and a decline in pending sales. This may be a signal that buyers are dropping out of the market but based on those 2 weeks statistics it is too early to say.  We are seeing a decline in the gap of new listings compared to last year as the month progresses so it may just be indicative of a more traditional onset of the spring market whereas last year it was acting like spring even though we were still slogging through the snow.  

Let’s take a deeper dive in the month of February 2017 real estate market stats in comparison to the same time last year. *

Quick Stats

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10 Ways To Grab Buyers at Hello

That All Important First Impression

It’s well established that a first introduction is vitally important. That initial handshake can either lead to a meeting of the minds, or to no deal. “I hope I make a bad first impression,” said no one ever!  In real estate, we see this play out again and again.

When you are selling, the first personal impression when a buyer tours your home is like the handshake. If they don’t like what they see pulling up to the curb, walking into the lobby, or opening the front door, the cash register is going to ring up “no sale”.

Although a good first impression of your home may not always end up in making a deal, it is always the first step into getting to that important offer to purchase.  Here are 10 ways to make a great first impression on prospective buyers.

1. Get Buyers To See Your Home

Today, most real estate transactions are born on the internet. The first interaction a prospective buyer has with your house is online. If there is no connection with them in those first photos, it’s extremely unlikely to go to the next step with a private showing. Make sure you have an agent that takes quality photos of your property, preferably professional ones. 

2. Remove Clutter, Organize and Depersonalize

Removing Clutter and organizing is critically important. A well-organized home without clutter and disarray allows buyers to see there is enough room for themselves and all their stuff. One reason people look for a new home is they have outgrown the one they currently reside in so if they think for even one second your home is not spacious enough or lacks storage they will move on. Remove personal photos and memorabilia as well. You want your prospective buyer to think of this as their home, not yours so please remove that urn containing Rover’s ashes off...

5 Reasons To Sell Your Twin Cities Home Now

The 5 Reasons Twin Cities Home Sellers Should List Now 

Even though March is still very much a winter month in the Twin Cities, we had a few days of spring-like weather in February.  Those days may have been a teaser but I will tell what is no joke  – the spring home buying season started in January! Buyers are eagerly snatching up properties with wild abandon. If you are planning to sell your house this year, the earlier in the year you get your house on the market, the better.  This phenomenal seller's market is not going to last forever but right now it’s all about you and the question on my mind today is, what are you waiting for? 

1. Tenacious Buyers Will Not Be Here Forever

To say there are many eager buyers in the market watching the posting of new listings with a keen eye is an understatement.  Many have not just been anticipating home ownership for weeks, a great number of buyers have been looking for months. With so much competition for so little inventory, a large number of these buyers have attempted to secure a deal on a home only to lose out to another eager buyer.  They are not giving up anytime soon but market conditions such as rising interest rates may force them out. This sense of urgency is inspiring them to make great offers, very often above list price while making few demands.

2. The Anticipated Rise in Interest Rates Could Knockout A Sellers' Market

The market experienced an unanticipated spike in mortgage interest rates at the end of last year immediately...