The Twin Cities is in a seller’s market right now! According to the Minneapolis Area Association of Realtors, we only have a 2.9 months’ supply of inventory on the market, anything under 4 months is considered a sellers’ market, 5-6 months’ worth of inventory is a healthy market. Traditional homes made up 72.3% of the listings making it the highest percentage of traditional homes on the market since June 2008!
What are homes selling for? Sellers received 93.7 percent of their list price, on average, up from 90.6 percent last year. Conventional financing comprised 46.7 percent of all closed sales; FHA financing was used on 20.9 percent of sales; cash buyers made up 25.1 percent of sales.
There are so many motivated buyers on the market and simply not enough homes for them to choose from! If you are considering selling your home, please contact me! I would love to do a no obligation market analysis on your home – it may be worth more than you think and you may want to get it on the market while market is hot! Let me help you put a sold sign on your home!