If you ask around with home buyers, Realtors, Loan officers and read real estate industry publications, you’ll hear the same, consistent concern; low housing inventory. Low inventory has been consistent in many markets throughout the country, however we know one thing that is even more consistent in real estate; ALL REAL ESTATE IS LOCAL. And on that note, our local Minneapolis/St. Paul housing market is also currently consistent with most national metropolitan real estate markets with regard to inventory; the amount of available homes for sale is not sufficient for the amount of active buyers.
This creates quite the conundrum for buyers, Realtors and lenders. Buyers are experiencing much frustration, both in having to wait exceptional amounts of time for the right home to come on the market, and yet when it does, most buyers are competing with multiple buyers and multiple offers. Oftentimes when the right home for you hits the market, it’s also the right home for many other buyers who’ve been experiencing the same difficulty you have been, and thus the multiple offer scenario (oftentimes as many as 25 – or more – offers per home) becomes overwhelming, and frustrating. Your exciting dream of buying the right home becomes almost like a game of chance, when your offer is submitted, in competition with others. This is also very difficult for the Realtor. And this is why we suggest teaming with a very good and hard-working professional. You’ll need every tool in your arsenal, to make your home purchase successful.
This is a great article for all involved, called ‘Tips for Succeeding in a Low Inventory Market.’