Winter Home Sales
It is starting to get cold. Every year around this time I wonder why I still live in Minnesota. I am still seeing low inventory in most of the market, but there are many properties that are sitting on the market. If the property is in an amazing location, great condition, and priced well, then I am seeing multiple offers. But if there is nothing special about the property and it is overpriced, then the market isn't bitting. So I see more price reductions coming, fewer listings and fewer buyers as we get close to the holidays and winter. Over the next 6 months we are going to see a big drop in home sales like we do every winter so keep your eyes out for good deals. It will be interesting to see what happens after the election and with Covid-19. There are some people in the real estate game that see a big crash coming, so keep your eyes on what is happening. South Minneapolis still has extremely low inventory and interest rates are super low as well so there is still going to be upward pressure on prices.