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.