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. When answering this question, there are a lot of recently emerging real estate trends to consider.
The answer isn’t simply a “Yes” or a “No”
The State of the Market for Buyers in Minneapolis MN
First off, it really depends on the property type and location.
For example, single-family homes that are located in great neighborhoods and are priced well have been flying off the shelves. This makes it clear that there is a lot of demand in the market for certain areas. However, others can often seem like ghost towns.
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.
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.
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.
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, that 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 buyers. 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.
Sound confusing? It is. But We Can Help.
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 Home Buyers. Here at FastPath, we buy houses for cash within Minneapolis and its surrounding areas. We investing in local home owners because we believe in this community. Our very own local Community.
If you need to sell a property near Minneapolis, we can help you. We:
~ Accept Houses ” As-Is” ( In any condition)
~ Save you from the stress of trying to sell your house on the Open Market!
No matter where you are, be it here at home or within the greater Minnesota area, you can sell directly to us.