Minneapolis Market Update: Beginning Of The Spring Market

The under $350,000 price range is hot.  I am seeing multiple offers on pretty much any nice home in a good location that comes to the market in south Minneapolis.  I have seen 9-10 offers on one property and homes selling in under 24 hours for over $30,000 above list price.  So there are a lot of buyers out there, but not a lot of inventory to choose from.  It is harder to schedule showings because most sellers are not allowing overlapping showings so often you only have 15-30 minutes to tour the property. I try to get to the property early.  I like to walk the exterior and the yard to judge the condition so I can spend all my time inside the house looking for elements of value and problem areas as well.

I attached a graph that shows the median home in the Nokomis community is selling for 102.3% above list price.  So plan on spending at least 3% above the list price on any great property.  Realistically, it could be 10% above list price or more if the home is really nice.  When I tour properties I try to find all the problem areas that will cost money to fix. I also try to find anything that is really nice about the property. It could be something unique that makes the home a lot nicer then the competition, like great windows or an open layout.  A home is a huge investment so everything about the house and the land should be considered.  If you are looking to buy or sell right now give me a call.  I would be happy to help.