Twin Cities Housing Just Went On Sale!

You read that right - the Twin Cities housing market is on sale for buyers. 

But how is that possible when only a few months ago, buyers were having to battle each other in multiple offers? 

Average days on market and inventory expansion are both on the rise which makes for more motivated sellers. 

Days on market across the Twin Cities have stretched upwards - when homes sit on the market for a long time, they lose their appeal. As buyers, this is where leveraging begins because sellers start to get nervous about how much it will cost to keep the home, especially as we near Winter.

With more homes coming on the market than offers being given, this grows our inventory which creates more supply. This means sellers are having to compete with each other even more to be the best listing on the market that buyers want to put offers on. What does that result in? Price cuts and more negotiating room on list prices. 

While competition in the market isn’t completely gone for buyers, the current market is becoming more balanced than in Spring when it was favoring sellers. 

If you’re worried about rates and hoping they might go down next Spring - it’s better to talk with a trusted lender now and get an idea of what you can afford and what rates you could lock in today. You may be in the position to be able to snag a great home, at a great price sooner than you think. 

Need help connecting with a lender or want to learn more about a specific area you’re interested in? Let’s connect!