Wondering where the Twin Cities Real Estate Market is at? This latest data from the MPLS Area Association of Realtors has some pretty important numbers for first time homebuyers out there looking to purchase a house.
Through the summer months in MN, we’ve been experiencing a strong “Seller’s Market” which basically means that buyers have less negotiating power in the transaction. This is seen through a number of different metrics, including Pending/Closed Sales, Sale Prices, Number of Homes on the Market, and New Listings.
In summary–if you’re buying your first home sometime soon, be prepared to act quickly when you find the “right one”. Homes that are priced correctly and are in good condition are selling quickly, and often times with multiple offers on them. So get the first step of the home-buying process done well in advance: Pre-Approval for Financing.
Take a look at the video below for all the data.