I hope this email finds you well. Here's your latest Minneapolis real estate update from Zane Petersen Luxury Real Estate - Lake Minnetonka for Monday, May 13, 2024:
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Current Market Conditions:
- The Minneapolis real estate market continues to be dynamic, with steady demand from buyers and very Limited inventory of homes for sale. As a result, prices remain competitive, and multiple offers continue to be common in many neighborhoods, especially in the West Metro.
- Despite ongoing economic uncertainties, the housing market has remained resilient, supported by low mortgage rates and strong buyer confidence.
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Home Prices:
- Home prices in Minneapolis have seen a steady increase over the past year, with the median sales price up by 19% compared to the same period last year. This upward trend reflects the high demand for housing in the area.
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Interest Rates:
- Current interest rates for 30-year fixed-rate mortgages are averaging around [current interest rate]% in Minneapolis. While rates have slightly increased in recent weeks, they remain historically low, presenting an excellent opportunity for buyers to lock in favorable financing.
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Inventory Levels:
- Inventory levels in Minneapolis remain tight, with fewer homes available for sale compared to demand. The week of May 6th we seen a large ramp-up of homes leaving the market 1 day quicker. The line-in-the-sand is quickly approaching, that ~1st week in June when more Buyers and Sellers dump onto the market in hopes to Sell their home and then buy a new home before the kids go back to school, August/September.
- Sellers continue to benefit from a competitive market, with well-priced homes often receiving multiple offers and selling quickly.
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Tips for Sellers:
- If you're considering selling your home, now may be an ideal time to capitalize on the strong demand and limited inventory. Working with an experienced real estate agent can help you navigate the market and maximize your sale price.
- Consider pricing your home competitively and showcasing its unique features to attract potential buyers. Professional staging and high-quality photography can also enhance your listing's appeal.
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Local Market Insights:
- Right now we continue to receive a lot of calls from Sellers that are looking to Sell their homes privately or off-market, with us. The inventory that comes in from these private sellers is gorgeous but it too is selling quickly, especially if an off-market home is one that you are seeking.
- We negotiate on the behalf of the Sellers and the Buyers, there is little to no competition and both Seller and Buyer get a good price and save $$$. Not to mention the Seller does not have to spend weeks of preparing their home for sale, nor do they have to have hundreds of people trample through their home for a showing.
If you're thinking about buying or selling a home in Minneapolis, I'm here to help. Feel free to reach out with any questions you have this afternoon.
Best regards,
Zane Petersen - Moving Clients to Success for over 23+ years
763.843.2905 or www.zanepetersen.com
