Saying Goodbye to Spring: How is the Minneapolis-area Market Faring in 2017?
Summer is nearly in full bloom, and so begins the market’s busiest season. The month of June is the perfect halfway point to take stock of how real estate is faring in the Minneapolis and Eden Prairie areas, as well as on the national level.
Home sellers across the country are enjoying multi-year record highs in the areas of average home sale prices and showings per property, while the average amount of days spent on the market are down by a sizable margin. The Minneapolis Association of Realtors also noted that April and May market performance indicates steady demand among buyers, despite the competitive bidding process dominating the selling season. Median sale prices are still giving sellers a slight upper hand, as a 6.3% increase compared to this time last year underscores market trends.
Mortgage interest rates are another hot topic for buyers and sellers in the Minneapolis and Eden Prairie areas. As the Twin Cities region enjoys its continued economic and cultural boom, the area is still among the most affordable metropolitan region in the U.S.—even considering the added competition that a lagging inventory shortage sparked. With mortgage interest rates remaining steady and far below the average percentage, it’s a better time than ever to lock in a financially sound rate for homes in Eden Prairie and the surrounding suburbs of Minneapolis.
Another word on the Twin Cities fever pitch of popularity: buying a home is a solid investment over renting. As rental rates rise in the popular downtown areas, more and more Minnesotans have wised up and expanded out to Eden Prairie, where space, convenience, and attractiveness meet.
CNN’s Money section also reports that current home buying craze isn’t going anywhere soon. This means that property sellers in the Eden Prairie are in a fine position to sell their home at top dollar and move on to the next property at a profit and with an unbeatable mortgage interest rate in tow. Meanwhile, buyers could use the help of a knowledgeable area agent who can navigate the competitive waters out there—though the silver lining is that an investment now is sure to yield high returns in the years to come, as the Twin Cities region is outpacing major metropolitan areas in terms of growth, while keeping the cost of living relatively low. Give us a call to learn more about your buying or selling options this season and plan for your next chapter today.
At Helgeson Platzke Real Estate Group, we are proud to be a member of Eden Prairie’s esteemed small business community. Since 1995, we’ve offered the very best in Twin Cities real estate, earning our community’s trust as the #1 Sales Team in the Eden Prairie area. With over 4,500 homes sold, our staff has both the knowledge and experience necessary to ensure that your home ownership goals are delivered. So, if you’re considering buying or selling your Eden Prairie area home this summer, now is the time to enlist the help of a real estate professional who can help you make the most of this season’s extraordinary market.