Are you out there trying to find a home to buy? You did your homework, got pre-approved for a mortgage, looked at homes on line, then found a Realtor and begin your search? Then you found the perfect home and made an offer? It was a good offer and you were looking forward to finishing the process and moving in a few months. BUT - your Realtor called and told you there were multiple offers on the home you wanted and you had to submit your 'highest and best' offer within the next 24 hours. So you checked comparables and made the best offer possible. After waiting three days your Realtor called to tell you the seller accepted another offer.
If this sounds familiar, you have been trying to buy a home during the last four months. The market has changed a lot. Home prices are up in the Twin Cities 12% over the last year. Inventory is low and there are so many buyers it is very difficult for anyone to find a home. A few weeks ago I showed a town home and called to check availability. I was told that there were 49 offers on the home.
This turnaround began about 4-5 months ago and is finally being
reported by the media. This is GOOD news for sellers. The price you couldn't get for your home a year ago may be possible today. And you will be able to sell your home faster than you could a year ago. With interest rates still so low a seller who only dreamed of moving up a year ago could do it today.
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