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.