Ed. Note: This article was first written in late 2007. It is now 2008, and it’s still a prime time to invest in Minneapolis real estate. Interest rates continue to be at historically low rates, and there are plenty of wonderful homes in Minneapolis just waiting to be bought. This article is still relevant, so we are bumping it up to the top of the blog. Enjoy!
As the title says, it’s a great time to be buying a Minneapolis home!! Interest rates have edged down just a tad, and according to Minneapolis Area Association of Realtors (MAAR), there are about 10 homes for every buyer. That means that each buyer should buy 10 houses 😉 Not really, but there are so many choices out there right now at such reasonable prices, you might be tempted to buy two.
If you are a first time buyer, there is a lot of real estate in Minneapolis, as I am sure you know. But if you have a home to sell, it can get a little more complex. The sellers of the house that you may wish to purchase, may not want to sell their house to you contingent on you selling your house (because it’s hard for them to know if your house will sell). So if you have a home to sell, get it on the market, AT A PRICE THAT WILL SELL. Be realistic about pricing your home because it’s critical to getting it sold.
Keep in mind that just because your neighbors house sold for $250,000 last year doesn’t mean that your house will sell for $250,000 right now. We’ve seen some decline in market values this year, but that decline is across the spectrum of Minneapolis house prices. What I mean by this is: higher priced houses have a larger discount, so even if you take $20,000 less than you would have got last year, the house that you buy may be $40,000 less than last year!
Happy House Hunting!