“The record low inventory of homes for sale has created a sellers’ market in which buyers are competing for too few homes,” said Barb Jandric, president of Edina Realty.
Minneapolis, MN (PRWEB) April 19, 2013
Edina Realty has a message for sellers who have been sitting on the sidelines: “Take advantage of the spring market,” advised Barb Jandric, president of Edina Realty.
“The record low inventory of homes for sale has created a sellers’ market in which buyers are competing for too few homes,” Jandric said. “This competition is driving home prices upwards. Homes in desirable neighborhoods that are priced right can sell within days, often receiving multiple offers.”
But the company also cites some practical reasons for getting into the market sooner rather than later. Spring is statistically the busiest time of year in real estate for a number of reasons, including:
- Extended daylight hours, increased sunlight shows off homes in the best light – literally
- Blooming and budding trees show off the home’s landscaping
- Many people have cabin fever and are out looking at real estate, and it’s also easier for sellers to be away during showings
- Making a move in the spring allows you to enjoy the precious months of summer
- You can get projects done in the summer and turn your new house into your home
For the past 13 months, homes have sold at a higher median price than the prior year, according to the Minneapolis Area Association of REALTORS® (MAAR). MAAR reports that the local housing market is characterized by increased pending sales, decreased inventory, fewer distressed homes for sale and higher sales prices.
The inventory of homes for sale declined 31 percent to 12,615 active listings – a new 10-year low. Most of the new listings – 75 percent – are traditional, non-distressed homes. That’s the highest level since May 2008. The combination of low inventory and fewer distressed homes for sale helped drive up the median sales price for a home in the 13-county metro area to $176,000, a 17.4 percent increase over last year.
“Getting more sellers to jump into the market will be beneficial to a continued housing market recovery,” Jandric said. “There’s a healthy appetite among homebuyers, and that’s helping to drive prices upwards.
“You might be surprised to find what your home is worth in today’s market,” Jandric said. Even some homeowners who were “underwater” or who didn’t have much equity in their homes may be able to finally make their move this spring and summer, she said.
“Real estate is a cyclic market, with periods of strong growth and slower growth, seller’s markets and buyers’ markets,” Jandric said. “Recently, real estate has been the shining star in the economy, and mortgage interest rates continue to be very attractive.”
Edina Realty is participating in the REALTOR® Nationwide Open House weekend on Saturday, April 20 and Sunday, April 21, when hundreds of homes are held open for homebuyers as well as homeowners who are considering selling their homes.
For more information on the housing market, multiple offer situations, the open house event or to contact an experienced Edina Realty REALTOR® for a free home value estimate, call Edina Realty Customer Care at 952-928-5563 or visit http://www.edinarealty.com.