Once again, the busy spring real estate market is upon us. Each year, the market experiences a several-week frenzy during which real estate inventory levels are low. Current buyers are anxious for new homes to hit the market and want to take advantage of the record-low interest rates.
The current real estate magic price point appears to be $300,000. Any property that is conditioned well, updated, ready for sale, and priced below $300,000 will sell quickly for top dollar and quite possibly get multiple offers. Several of the homes that we have recently sold went well above the seller’s desired price.
A Seller’s Market
It continues to be a seller’s market below that $300,000 price point. There are several strategies that buyers can deploy if faced with multiple offers to ensure they are the ones who get the desired property. Contact a member of our team today to learn more about how we help buyers purchase the homes they want. The Jarrod Peterson Real Estate Group works with leading lenders, and they would be happy to schedule a private consultation with you.
As you can see from the chart, homes in the area are in high demand and short supply. Several communities our team frequently sells in have low inventory levels. For example, Brooklyn Park, the state’s sixth largest city, needs around 224 homes to sell to meet its demand. Right now, there are 57 active single-family homes on the market. The shortage in supply is driving up price points and creating a strong financial windfall for clients selling their homes. Another community in need for more real estate is Rogers, MN. Currently, only 12 single-family properties are available, and the demand is five times that.
Take Advantage of the Market
If you are thinking of selling your property, act now. Your home is worth more than you think! Access the award-winning Jarrod Peterson Real Estate Group website and contact the team for a private consultation. They would love to professionally advise the true market value of your home.