MINNEAPOLIS, May 7, 2018 /PRNewswire/ -- Today, RE/MAX INTEGRA, Midwest released its 2018 Market Trends Report providing insight into the latest housing data and trends in Minnesota.
Much like last spring, the strong sellers' market continues, but this year, buyers are competing for even fewer homes than were on the market this time last year. According to the Minnesota Association of Realtors, 12 percent fewer homes were listed for sale in the first quarter of 2018 than in the first quarter of 2017, while average sales price has increased 7 percent.
According to RE/MAX brokers, who provided insight for the report, there are several reasons why inventory is tighter in 2018:
- Lack of affordable new construction for buyers with budgets in the $300,000 range
- Few low maintenance home options for baby boomers
- First-time buyers, who are more likely to have non-traditional financing, are losing out to buyers who can pay cash and make offers with fewer contingencies
RE/MAX brokers added that homes are selling in a matter of days - many sellers are receiving offers over asking price and some buyers are dropping inspection requirements.
"Our RE/MAX real estate brokers and agents are seeing buyers go to new lengths to secure a home in this competitive market," said Fiona Petrie, vice president and managing director for RE/MAX INTEGRA US operations. "In this intense market where multiple offers are commonplace, it is essential for buyers to have an experienced agent who can negotiate a winning offer."
Petrie also added that it's just as important for sellers to work with a seasoned agent who can provide necessary guidance through complex, multiple offer situations.
"The highest offer is not necessarily the strongest offer. There are many factors to consider. This is where an experienced agent who becomes a trusted real estate advisor is paramount," said Petrie.
Click here to view the full 2018 Market Trends Report and also view the attached snapshot of key real estate markets across Minnesota including new data and insights from RE/MAX brokers.
About RE/MAX INTEGRA, Midwest
RE/MAX INTEGRA, Midwest is the regional entity for RE/MAX franchises in Indiana, Minnesota and Wisconsin. Since its inception in 1985, the region has grown to more than 280 offices with approximately 4,100 sales associates, providing residential and commercial real estate, as well as relocation and referral services.
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SOURCE RE/MAX INTEGRA, Midwest