Real estate, title companies, and lenders are considered essential services during the shelter in place order in Minnesota. You can complete nearly all the paperwork electronically, and closings are still happening with as few people as possible in attendance.
Surprisingly, the number of new listings across the Twin Cities metro has increased by 20% this spring, but the number of showings dropped 32% through the end of April. This drop seems like it would create a shift from a sellers market to a buyers market, but this impact has not been seen yet. Many properties are still receiving multiple competitive offers. Sellers are increasingly concerned about the stability of a buyer’s employment when reviewing offers.
Patience is key. The most desirable properties are still very competitive. We cannot predict what will happen over the next few months, but we do know there will be other properties out there. Stick to your budget and preferences, and the right property will show up.
Interest rates have been all over the place. Make sure you and your lender are in regular communication. You will want to stay updated on the rates for the loan program you are using.
If you can afford to pay closing costs (around 3% of the purchase price), this can be your edge over the competition. Sellers and listing agents are concerned about appraisal prices, so building closing costs into your offer could be a risk.
Median sales prices continue to rise, up 6% since 2019. Twin Cities inventory under $400,000 was limited prior to COVID-19, which is keeping prices stable through this pandemic. Median days on the market is down 4.5% or 3 days year to date.
That is the million-dollar question. Whether you need to move, would like to save money on rent, or are investing in real estate there are always opportunities out there. We do not anticipate a significant drop in prices, but then again, no one thought we would be stuck in our houses for the better part of 2020 either! If you are serious about buying, we would be happy to jump a phone (or Zoom call!) to discuss your specific goals and circumstances.
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