Extreme Home Inventory Shortage In Nokomis

The Nokomis neighborhood in south Minneapolis  has had a home inventory shortage since 2013.  A normal housing market typically has a 5-6 months supply of homes available for sale. Nokomis has had a 3 month supply or less for nearly ten years. Right now there is only a 0.5 months supply of homes available.  This means it would only take 15 days to sell all the houses in the neighborhood if no more houses came on the market for the rest of the month.  This lack of inventory makes it very difficult to get a house under contract because there are 10 other buyers who you will be competing against.  As a result, I am seeing more 100% cash and non-contingent offers.  These aggressive offers are increasing pressure on buyers and this makes the risks of purchasing even greater. Many buyers will not have the luxury to make contingent offers like most buyers in years past have been able to.   If you need help buying or selling this spring give me a call.