Analysts say that 2015 was a good year for the Minneapolis Real Estate Market and they believe that 2016 will be promising.
One of the Realtors who are happy with the Twin Cities Market is Claire Killen, owner of Emerald Real Estate. According to CBS Local Minnesota, Claire Killen said, "The last four properties I put on the market, I sold three of them within six hours."
Killen reportedly believes that it is a seller's market and her business gets a lot of offers as soon as a listing has been placed. Even so, she has a very important advice to seller who might in the long run get very excited. "Sellers need to be cautious of that, because they think they can put the price wherever they want and someone's going to buy it, but that's just not going to happen," CBS quotes Killen. The Owner of Emerald Real Estate notes that home in good condition with the right price will sell very fast.
Herb Tousley, director of real estate programs at the University of St. Thomas, shares the same positive opinion with Killen about the housing market in the state. According to CBS Local Minnesota a study by University of St. Thomas shows that the Twin Cities housing market is nearly as good as it was before the crash seven years ago. The study has even expressed its prediction that that median home sale prices will rise 6 to 8 percent in 2016.
Moreover, Tousley said that this study shows that 2016 for Twin Cities is promising with number of homes sold expected to go higher by about 4 to 6 percent.
According to Tousley, the market though has one big hurdle and that is supply. There are more buyers than sellers and inventory of existing homes is low. "Last time I looked it was 13,800 homes, which is really low, because it's normally over 20,000 to 25,000," Tousley said. And when supply is scarce, interested buyer might have to pay a bit more than the asking price.
