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March 2020 Housing Market Update

What is happening in our local market? Find out in our latest update.

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Across the nation, some communities are shifting into more of a balanced market, though here in the Twin Cities, we continue to be in a strong seller’s market. Only the luxury market seems to be experiencing buyer’s market dynamics.

Specifically, here’s what our housing market looks like as we come off the winter market and move toward the spring market:

We’re seeing a number of new listings pop up every day. Although the market continues to churn out more options, we do see all-time lows of inventory, which means buyers will still have to compete with each other. Many price points under $400,000 are experiencing multiple-offer situations.

Because the demand is high and the supply is low, prices in our market remain strong. We’re seeing a delicate balance between how high a seller can push their price and how high a buyer is willing to go. Because inventory levels are so low and buyers have been competing with each other for so long, buyers are getting a little worn out and are only willing to go so high in their price points.

“These are all signals that we’re at a peak in our market, and 2020 could possibly be the highest pricing that we will see for a long, long time.”

Interest rates remain healthy in our market. Most people, depending on their qualifications and credit, are seeing rates well below 4%. Now is the time for buyers to capitalize on these low interest rates, which they can lock in for the life of their mortgages.

So what does this all mean for buyers and sellers?

Buyers should definitely be out in the market, shopping confidently with a seasoned professional by their side. It’s highly competitive out there, so if you’re shopping in the trenches, you’ll need a professional to advocate for you and give you a competitive advantage.

For sellers, the market is very strong. Just make sure that you can capitalize on the market conditions so you can get top dollar for your home before the market shifts towards more balanced conditions.

If you have any questions about the market or how its conditions affect your situation as a buyer or seller, don’t hesitate to reach out to us. We look forward to hearing from you soon!

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