Right now homes for sale inventory is quite low and buyers are having a hard time finding homes to look at and buy. If there is a great home on the market it sells very quickly. This shortage of homes and abundance of buyers has created a bit of a seller’s market. What strategies can you use to help get a home in a seller’s market?

• Be alert – check new listings as soon as you receive them and look at homes that fit your criteria as soon as possible.
• Be ready – be mentally and physically ready to make an offer the first time you see a home. Time is your enemy. If you sleep on it, it could cost you the house.
• Be flexible – Can you be a bit flexible with your criteria? Rather than four bedrooms, will three work, if the house is perfect except for an older kitchen, can you renovate it after you move in? Now is not the time to be extremely picky.
• Be patient – you may find the right home today or four weeks from today, but don’t despair, be patient and you will find a home.
• Be persistent – it is normal right now to lose several homes in multiple offer situations. Don’t despair, learn from each situation and develop a better plan for the next time.

Buyers are finding homes they want to buy and they are buying them, but you need to keep the above strategies in mind.

The Minneapolis Area Association of Realtors has just released the statistics for the Twin Cities for the week ending July 27, 2013.

In the Twin Cities region, for the week ending July 27:

• New Listings increased 19.7% to 1,716
• Pending Sales increased 18.4% to 1,280
• Inventory decreased 12.0% to 15,993

The Minneapolis Area Association of Realtors has just released the market statistics for the Twin Cities for the week ending July 6.

In the Twin Cities region, for the week ending July 6:

• New Listings increased 14.3% to 1,105
• Pending Sales increased 5.7% to 912
• Inventory decreased 16.4% to 15,249

As always, double click on the image for a larger version.

Where has the Twin Cities Real Estate Market been and where is it headed. Take a look at the June monthly skinny for a summary of trends and projections for the real estate market in the Twin Cities.