Where is the Housing Inventory?

If you read the news and look at the data, we are still experiencing a housing shortage in the Twin Cities. In our conversations with clients, the following questions are common…

Is it still a “seller’s” market?

The short answer is YES, there are more buyers than houses. The most important variables that dictate a robust “sellers’ market” are location, accurate pricing, and move-in condition. The properties that have a smart combination of these factors will be competitive. But not all sellers will reap the benefit of being in a competitive offer situation despite the shortage of properties. Buyers still expect homes to be priced well and in good condition, those that are not will be passed over.

Why is there a shortage of listings?

Anecdotally, within our own book of business we are seeing many clients feeling “stuck.” What the market is experiencing isn’t sellers who don’t want to sell, it’s sellers unwilling to put their home on the market in fear they may not find something. Another dynamic is the older population who were more hesitant to move to senior living during Covid are still experiencing uncertainty–and oftentimes long wait lists.

Will more houses be coming on the market?

The good news is that our team is working with several clients right now who are preparing their homes for a later spring and early summer market. We believe our personal experiences also translate to the greater market and we will see some positive movement and more homes for buyers soon!

Whether you are thinking of buying or selling, our team continues to stay on top of the market and can help create a successful strategy. Have questions? EMAIL US.