Although the summer season is traditionally a slow time for the Minneapolis real estate market, the summer of 2016 has been one of the best to sell your home in a very long time. In most major markets across the U.S., home prices are up by an average of 5% and with inventory still low across the board, demand still seems to be through the roof.
Here in the Twin Cities market, entry level homes and middle tier homes are both seeing elevations in sales prices, not to mention multiple offers once listed. In addition, mortgage rates have continued to remain low thanks to “Brexit” and a slowed economy in other other industries outside of real estate, making it even easier and more affordable for buyers to finally make that long-awaited transition from renting to owning.
But with the historically low interest rates inevitable rising at some point and prices continuing to rise, these ideal selling conditions won’t last forever. And when you also factor in the upcoming fall season being right around the corner, which is usually one of the busiest times of the year for the Minneapolis real estate market, there may be no better time to list your Minneapolis-St. Paul home than now during the dog days of summer.