Minnesota, Land of the Multiple Offer by Joe Niece

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Real Estate Agent with REMAX Results

Multiple Offers on homes for sale in Minnesota?  Yes indeed.  I have written 15 offers in the last 35 days on homes ranging from 100k to 394k.  I have been in Multiple offers on 14 of them.  It does not matter, bank owned, Minnesota Short Sale, regular sale, etc.

I would love to say the market has turned but one month does not a change make, so whats up?  With the early spring and interest rates hovering below 4% buyers are hot to buy a property.  Tie this with Minnesota Home Values at historic lows, and you have the perfect storm.  

When I look at the home price trends graph pending sales for homes under 120k are up over 50%.

I wish that this was the start of something new but I know human nature and when interest rates climb up to 7-8%, things are going to slow down fast.  I can't really say I blame anyone.  The payment you have when buying a 220k home will then be the same as buying a 150k home once rates get above 7%.  

If anyone is planning on selling their home, they best get it on the market now or plan on waiting for 4-5 more years.  

 

 

 

 

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Rainmaker
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Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Joe, I am impressed with your market, your volume of business and the number of multiple offers!

Apr 21, 2012 04:00 PM #1
Rainmaker
41,133
Angela Niece
REMAX Results - Eden Prairie, MN

I wish that I could say that we ended up buying most of them but more then half went for over full price.

Apr 21, 2012 04:17 PM #2
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Rainmaker
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Angela Niece

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