Homes are selling at prices we have never seen before. We have less than a 1 month supply of homes available for sale in Lake Nokomis, Bloomington, Richfield, Longfellow, etc. Most high demand areas of the Twin Cities have extremely low home inventory. I have buyers that have offered on houses that got 25 offers in 48 hours. I have seen new $400,000 listings sell for $550,000 in 24 hours. I have reviewed many offers from buyers willing to waive inspection periods and appraisal contingencies in the hope of getting their offer accepted. However, even going to extreme measures isn't enough because another buyer is willing to pay more or offer better terms.
So this is an extreme sellers market. Buyers have a lot of cash, there is a lot of demand, but not a lot for sale. It is a very risky market for buyers. If you are buying in this market be diligent in your assessment of the property and the proper valuation. You don't want to overpay for a bad house. But if you do overpay, at least do it on a really great property. If you are selling your house, then you need to maximize your sales price and have a plan on where you are going to live next. Make sure you aren't leaving any money on the table. You may not get another shot like this for a while.