Is it still a buyer’s market today in Minneapolis?
As experts in the Minneapolis real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Minneapolis, but seem to be rebounding as the rental market increases.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Brooklyn Park market in unique ways.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Minneapolis because we believe in the community and the people here.
If you need to sell a property near Minneapolis, we can help you.
We buy properties like yours from people who need to sell fast.
Give us a call anytime (763) 503-0123 or fill out the form
over here today if you’re looking to sell a Minneapolis house fast!
If you have other questions about who we are, what we do and how we do it, our frequently asked questions page is a great resource of questions we get asked the most often working with Minneapolis, St. Paul home owners. If you don’t find the answer you are looking for, feel free to email us. We’ll help you to the best of our ability. We’ve come up with some creative solutions to the situations home owners find themselves in. By taking a look at your specific situation, we can give you the information you need to make an educated decision about your home.
When you work with Twin Cities Home Buyers to sell your house in Minneapolis, St. Paul, or smaller towns in the surrounding area, you are guaranteed to close on your house. We have never had a broken transaction and always close.
You can learn more about our process and how working with us is different than other home buying companies or listing your home with a realtor. To see our hassle-free process, visit our How It Works page. For more of an explanation about how we are different from a real estate agent, check out our compare page.