More Price Reductions To Come
It is only Tuesday and I am already seeing a lot of price reductions on properties. Pending sales from August to September dropped 20% and right now there are 421 active listings available in south Minneapolis. That tells me that buyer demand is cooling off and the inventory that didn't get purchased during the last rush of the fall selling season is waiting to get sold. Right now it is a good time to buy because more homes are on the market and fewer buyers are shopping right now so the leverage to the buyer has increased.
There will be fewer and fewer buyers purchasing houses all winter long. Sales don't pick up again up March. So be patient, there will be a great deal. There will be fewer new listings, but there are going to be many motivated sellers and they will drop the price so they can move on with their life. If the property is priced well and it is in a great location and is a great house then it could still sell for list price or more. Buyers tend to go for the same properties when there is a lack of other acceptable options.