GOLDEN VALLEY, Minn. - That chill in the air? It's called fall...as in falling number of houses sold.
"There is a little bit of a change that's happened. We've seen year on year a little bit of a slight reduction of numbers of sales."
Kath Hammerseng is the incoming President of the Minneapolis Area Association of Realtors and knower of all things housing. The number of houses sold may be down, but Hammerseng says the sale price of those homes is up.
"With pricing on the rise you might think that's a little bit of a concern but we've got int rates that are unheard of and it's been that way for some time so we've actually seen a little bit of a drop in interest rates so for buyers now is the time for them to be thinking of making a purchase because we're in a little bit of a lull."
Okay...so it's a buyers market.
"On the other hand sellers are in a great place. Overall our marketplace has 2.5 months of inventory right now so it should be very much in favor of sellers and in some areas in some segments of the market it is that," Hammerseng said.
Nevermind...still a seller's market, right?
"It is a little bit confusing. There's a lot of data here. We've got some areas where people are receiving multiple offers for their property in certain price points we also have some areas where it's very difficult," Hammerseng said.
At the risk of confusing your face off...we're going to continue. For some of you, it is a buyer's market. Low interest rates continue. And in some price points, there's plenty of inventory for you to choose from...which means the houses sit on the market longer and you, in turn, get a better price.
But the seller's market continues too. Especially in the starter home price range. There are so few houses in that bracket for sale that they go quickly and sell high.
"Depending on your strategy for selling, your strategy for buying, depending on the marketplace you live in or want to purchase in that's going to impact how much of an upper-hand you will have in that negotiation or in that purchase," Hammerseng said.
In other words what is one man's buyer's market is another man or woman's seller's market. Kath has advice for you both.
"What I would advise sellers to do is to make sure they've prepared their house properly for sale. Make sure that they're showing it at its best and make sure your price is competitive. I would not wait for Spring for more inventory to come available because now is the time where you have a little more time to think, now is the time when interest rates are good," Hammerseng added.
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