Here is a rough update of what is happening in the market place for buyers and sellers right now. Interest rates are 3.65% for a 30-year mortgage. Inventory is low, so it obviously favors the sellers. Nobody is screaming at you, but it is a SELLERS’ MARKET.
What’s happening is that we are seeing multiple offers on properties. Sellers are getting their price now. Going back 24 months, a house was listed at $100,000, sellers were getting $91,000. Now the same house can list at $100,000 and sellers are getting 98 to 100% of the list price and some times more.
So buyers, FYI, if you’re out there looking at a house, I don’t care if it’s 100,000 or 350,000, if it’s on the market for less than 5 to 7 days, you’re going to end up paying full price.
Seller’s are still, in my opinion, willing to pay closing costs, but I’m not sure how long that’s going to last with such a short inventory of homes for sale.
Sellers, if you list right now and you price correctly, your house could sell in two weeks or less and in six showings or less.
**Paul is a MN and WI licensed Realtor® at Coldwell Banker Burnet in Woodbury, MN. You can find out more about Paul at www.GoWoodbury.com. Paul can be reached for real estate information or for a free market analysis at 612-701-8711.
