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Southwest Twin Cities Market Report March 18 2021
Dated: March 18 2021
Early signs of Spring at the Lowry Nature Center in Victoria
2021 Housing Forecast
This Spring 2021 market is the strongest seller-driven market I have ever seen in my 25 year career.
Homes in fair condition (and reasonably priced), are typically receiving:
-Multiple Offers (in some cases 15 - 20 offers)
(that is not a typo...there are just so few homes on the market for buyers to choose from, especially in the mid and lower price ranges.)
-"Appraisal Gap" Coverage in Cash
-Most homes selling 6-12% over list price
-Increased Earnest Money
-Seller Dictating Extended Closing Dates
-Waived or Reduced Buyer Inspections
This has become the "new normal" for the current market cycle...as the forecast below suggests, it appears that this year will likely set another record with historically low interest rates, number of homes sold, and record high prices.
If you would like a real estate opinion about what updates/investments are "worth it" for the money, I would be happy to do an informal 15-20 minute "Cost Versus Benefit Analysis" meeting at your home (no cost or obligation) to discuss a few different scenarios and give you an update of what your home is currently worth.
Looking for the highest Yelp! ranked Realtor in the Southwest Metro?
Homes For Sale
SW Metro Townhomes & Condos (EP, Chan, Tonka, etc)
Recently Sold Homes
There are currently 188 homes of all kinds for sale in the area $142K - $925K which you can see HERE
0.8 months ...is the current inventory of homes in the Twin Cities in February 2021.
How's the Market?
The Twin Cities has been in a seller's market since Nov 2014 when it hit 3.9 months of supply (The National Association of Realtors states that a "balanced market" is 4-6 months of supply). Record low interest rates are making homes more affordable for buyers, even with home prices selling at record levels.
Miss last week's update?
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Looking for a Top RE/MAX Agent in the Twin Cities?
Call/text me anytime, my cell is 612-490-2121 Stieg Strand, Realtor® RE/MAX Results - Eden Prairie 25 years Selling Real Estate!
Thank you for your time today
At your service,