Minnesota Realtors Discuss the Market
Minnesota Housing Market Thoughts from Top Agents
This week on my conversations with top sales teams from Edina Realty, Coldwell Banker Burnet, Keller Williams, Remax, and about 6 smaller companies I have had adequate time to get the report from the front lines of the market.
In addition to discussing specific listings, the conversations almost always end on activity for specific price ranges and specific geographic locations.
Offers are happening but prices are tough
Everyone I’ve talked to in Minneapolis and the western suburbs is experiencing a decent amount of offer volume on their well marketed and well priced listings. Unless they are in bad condition or poorly positioned of course. Almost all price ranges are getting activity with a noticeable up tick in showings on Luxury properties. I know many of our luxury listings are getting as many showings as our entry level homes which has not been the case up until this month.
Buyers are paranoid
Another point that I’m seeing across the board is agents are stating their buyers are increasingly paranoid about overpaying for a home. They want to move in the worst way but absolutely do not want to make another poor financial decision.
Shadow inventory is haunting us
The threat of thousands of vacant homes and thousands more in some phase of various delinquency is very real. The inventory levels are down overall on paper, but if you look at estimated inventory sitting in the shadows we have about a 2.5 year supply of homes according to some estimates. This obviously could be trimmed down considerably if some modifications start taking affect and unemployment starts going the other direction
As Realtors in MN we all agree the market is showing life but definitely not price increases. Therefore its vital sellers make good decisions to go on the market with a good agent who can advise them on pricing, staging, and the ultimate result for them and their financial situation.