Are you interested in selling your home soon? Or maybe you’re a real estate buyer. Whatever the case, you’ll likely have asked yourself, “What’s the current state of the real estate market in Minneapolis MN?” Well, great question. The state of the housing market in a particular region at any given time can have quite a large impact on real estate transactions, from buying houses to selling houses. As such, taking the time to understand it a little better before jumping into the market is certainly a good practice.
Of late, housing markets all over the country have been in disarray. Due to the impact of the COVID-19 pandemic, not many real estate transactions have been able to go through. Everyone has been stuck at home for many months now, and few are interested in moving in the midst of mandatory lockdowns. However, upon writing this article, life is slowly beginning to normalize. As such, both home sellers and real estate buyers are jumping back into the market. So there is hope if you’re interested in selling your home soon.
Below, we are going to explore the current state of the market in Minneapolis MN. So read on to discover how market trends are directed when it comes to homeowners interested in selling their homes, as well as real estate buyers.
State of the Housing Market for Real Estate Buyers and Home Sellers in Minneapolis MN
Discover the latest and most popular housing trends for both buyers and sellers in Minneapolis MN.
Property Type Matters When Selling Your Home in Minneapolis MN
One of the most significant trends that we’ve seen recently is that buyer interest largely depends on the type of property being sold. Some properties are simply more in demand than others. As such, if you’re considering selling your home in Minneapolis and are wondering if it will be snatched up by many buyers or ignored, our answer to you is simple. It depends…
However, it is important to note that no matter what type of property you have, the way that you go about selling your house will have a large impact. So be sure to explore our top sale tips for home sellers looking for great prices and fast closing.
Property specifications that buyers are currently attracted to in Minneapolis MN
Here is a prime example of a type of property that buyers are interested in: single-family homes that are located in great neighbourhoods and are priced well have been flying off the shelves. However, this does not mean that all stand-alone houses are in demand at this time. Many areas with these types of properties currently resemble ghost towns because no one is buying properties in them. This makes it clear that there is a lot of demand in the market for certain areas.
But for condos and townhouses: it can be quite a different story. Not too long ago, prices were down in certain areas of Minneapolis, but they seem to be rebounding as the rental market increases. As a result, those properties that are a little off the beaten path or that have some funky features have begun to grow in popularity.
Buyers are often all looking for the same thing:
- Good neighborhoods
- Access to good shopping and transportation
- Good schools
- Strategically placed close to their workplace, etc.
- Good repairs and maintenance
Properties that deliver on all these points are definitely hot commodities. As a result, sellers that have a highly desirable property are in control of the market.
Investment properties are in demand for Real Estate Buyers in Minneapolis MN
Investment properties are in demand. The massive amounts of foreign cash flooding into US real estate have impacted the Burnsville market in unique ways. Overall, many of those people with big international pockets, which are in a position to pay cash for properties, have been picking up all the good deals in the marketplace.
Lots of sellers are trying out speculative prices, just to see if anyone bites, but most domestic investors are walking away from deals that don’t seem to pencil out.
Financing is still a Major Obstacle for Both Buyers and Sellers in Minneapolis MN
Banks are becoming increasingly strict. They are starting to requiring massive down-payments, and even changing pre-agreed terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow. However, this phenomenon is getting better than it was just a couple of years ago.
Overall, the real estate market in Minneapolis remains incredibly polarized – there is a lot of action at the very top and at the very bottom, but the biggest challenges come for home buyers and sellers right in the middle.
Currently, there’s a lot of shakeup in the US economy. Real estate markets all over the country are moving fast in many different directions all at once. But, this is where you can trust FastPath.
Here at FastPath Home Buyers, we buy homes for cash in Minneapolis and its surrounding areas. We invest in local homeowners because we believe in this community. As such, if you’re interested in selling your home in Minneapolis MN, we can offer you a great price. On the flip side, if you’re a real estate buyers who are looking to make an intelligent purchase, we’d be happy to advise you and help you with your decision.
To contact us, simply call (612) 351-2384 or fill out the short form below.