The national title game for NCAA basketball, AKA March Madness, is just hours away. Brackets are being closely watched and bragging rights are at stake. For us in the Twin Cities, basketball's March Madness can also mean the start of a much anticipated the anticipated and hoped for spring season. Just as spring brings flowers and green grass, it is also when the spring real estate selling season kicks into high gear.
There is no denying it. It is a strong seller’s market out there. Buyers that have just entered the market looking for their perfect home are finding that there is a shortage of homes to choose from. According to the St. Paul Area Association of Realtors (SPAAR), inventory of homes for sale in the Twin Cities is down 19.4% from this time last year. Inventory of homes for sale, during the 11 years that this data has been tracked by SPAAR, is at an all time low of 3.1 months.What does this mean for those putting their home on the market this spring? It will mean that your home will sell faster and for more money. Even before the official kickoff of the spring market, according to SPAAR, sellers received 9.5% more for their homes in the month of February this year and sold 12.6% faster than the previous year in the Twin Cities market.
Sellers in the North Metro are seeing the biggest jump in price for the sale of their home. Hugo is seeing a big increase in the median sales price up 46% YTD in 2016 over last year. Oak Grove’s median sales price is up 41% over last year. If you live in those areas and are thinking of selling, don’t wait! If that is any indication of what is to come for spring and summer this year, than it can truly be called March Madness.
So where does this leave buyers? The key for home buyers is to not be afraid to branch out of your desired search areas if you are not finding the home you want. There are some cities that are clear winners when it comes to new listings. Anoka’s new listings are up a whopping 62% over this time last year. Oakdale saw a spike in new listings at 44%, while Mounds View and Rosemount saw increases of 23-25%. Sometimes it is worth a little extra driving to work if you can find a home that you are truly happy with.
While there are often multiple buyers competing for the same property, our team uses a 5 point strategic plan to find homes for our buyers that aren't on the market yet, thus beating other buyers to the punch. Contact us to find out more about our 5 point buyer search plan.
It is fair to say that this is the year to list your home. For buyers, don’t let the fact that it is a seller’s market scare you. Mortgage rates are at historic lows, so now is a great time to buy as well. It may be that you will find your perfect home in a city that you may not expect.
Rochelle Allison & Team has been happy to contribute to March Madness this year and every year. We work hard for our clients by providing them with the 5 star service others have come to expect from our team. If you are looking to buy or sell, give us a call. We help home buyers and sellers all over the Twin Cities area. We would be honored to be part of making your home buying and selling dreams come true.