2017 is going to be a year unlike any other. Real estate in Minneapolis and the Twin Cities is going to break all records for low inventory, and I’m already seeing a massive shift in the market. There are virtually no homes available, and there are multiple offers the instant the home goes to market. I’m not sure where prices are going to go, but my gut is saying they’ll rise.
What happens in a market like this is that people with money are going to gobble up the real estate and those without money will be left with none. The key is to keep in mind that what you want to get is good land above all else. Land value is a constant, and no matter what condition a home is in, you can always remodel or build new. So it’s important to not get caught up in trying to compete for the perfect home because there are still great deals out there; it just takes a little creativity to see them.
So keep your eyes peeled, and always make sure you're pairing up with an agent who knows the market and knows how to judge value quickly. It can make or break your chance to get your offer accepted, and it can save you from buying something that isn't a good deal.