Categorized | Residential

Minnesota Real Estate Market Showing Signs of Life

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The Minnesota residential real estate market is starting to heat up, as more people are looking to buy a new home. The Twin Cities have posted numbers that are very promising, and more growth looks to be imminent.

 

Home sales in the Twin Cities are starting to increase after a long period of decline and stagnation. Home prices have also shown signs of increasing in the last few months. Many young couples and families are finally looking to enter the housing market this year. As the economy finally starts to show signs of growth, consumer confidence is improving. In addition, the market is very favorable for buyers, as prices are quite low, and mortgage loan interest rates are near all-time low levels.

 

In the Twin Cities, inventory is already low. That means that prospective homebuyers must compete with others if they hope to get the house that they want. Such competition is creating an environment in which pricing growth is almost guaranteed.

 

Housing inventory numbers are down more than twenty-five percent from last year in both the first time homebuyer market, as well as the move-up buyer market. Those selling homes are seeing, for the first time in many months, multiple offers come in for their homes. With limited inventory, buyers simply cannot hold back for a better deal. If they do, it is likely that the house they were hoping to buy will be gone.

 

The current state of the housing market in the Twin Cities gives hope for the rest of the region that the residential real estate market as a whole is finally starting to improve.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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