By this time of year, the housing market and the weather in Minneapolis MN has usually reached somewhat of a stand still. However, things are up as recent records indicate that the number of contracts to purchase homes at the end of last month was 16% higher than it was at this time last year. According to John Schuster, a local real estate agent, “It should be a cold time of year, but our market is really hot.” Well, apparently, the market isn’t the only thing that’s hot in the city. The weather is also up nearly 20 degrees from the temperature around this time last year, and Schuster attributes the warm weather to the boost in real estate. “It’s not as cold as it usually is, so that’s helping the market. We’re selling homes with multiple offers,” says Schuster.
The numbers also indicate that the number of homes for sale has also gone down, which is helping to boost home value. According to records, the average home price in Minneapolis MN is up 4% from last year. But while this is definitely good news, especially at a time where nationwide home sales are reaching record lows, Schuster says that there could be a downside. Since the majority of homes in Minneapolis are sold between February and July, Schuster feels that there will be a shortage of listings when the peak time rolls around. However, he also notes, “It’s really just finally come back to a traditional buyer/seller market. We’re able to find the true market value because the hedge fund money is finally out.”
While this trend seems to be unique to the Minneapolis MN area, hopefully it will set the pace for the housing market in the rest of the country, and give more people the opportunity to become home owners.
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