Contrary To What You Might Think It’s Still A Seller’s Market
Whenever the topic of real estate comes up in a discussion I’m always asked “how are things going in real estate during Covid?”. Many find it unbelievable when I say “the twin cities and suburbs are still in a seller’s market”.
How is this possible, you may ask, with so many furloughed or laid off, during this unprecedented time. The law of supply and demand is the simplest reason. This chart (from the Northstar MLS) illustrates the all-time low number of homes for sale. Consequently, homes that are prepared and marketed well
will sell faster (with a higher net to the seller) because those who are still employed want to take advantage of the historically low mortgage interest rates.
Buyers are competing with so many others with the same goal.
The result is multiple offers and over list sale prices. I recently listed a home in the mid $200’s and had 40 showings in 2 days and 5 offers. When I reviewed the potential buyers that agents entered in to MLS (that fit its parameters) there were over 700 potential buyers.
So is it a goodtime to sell your home?...no it’s a great time to sell your home!!!