Buying a home is not as easy as simply making an offer and having it accepted. Many factors, such as a seller's willingness to negotiate on a price and current housing market trends, can influence the speed at which an offer is countered, accepted or rejected. In Minneapolis, a low number of available residential real estate properties is making for a challenging market for those who want to buy in the city.
Home prices and sales are both increasing, which is good news for the overall economic health of the community. However, the inventory of homes currently available to buyers pales in comparison to the number of people who want to purchase their own dwellings. Many buyers are rethinking where in the city they are willing to live and are making other concessions with regard to getting into their own residential properties.
It can be frustrating for a party's offer to be rejected by a seller, but the practice is not uncommon at present in Minneapolis. Sellers are in control of the home buying process as they can set prices and terms as best meet their needs. Should more homes become available this trend may change, but for now many buyers may feel that they are at the mercy of individuals who are trying to sell residential homes.
However, buyers can be choosey as well as they assess potential homes. They may also utilize the services of real estate attorneys during the offer and acceptance process to ensure that their rights are protected when they purchase real estate properties. They can also hold off on making offers that do not serve their interests and taking their time to be sure that they are only moving on properties they want to buy.
Source: marketwatch.com, "Minneapolis home buyers have to be flexible with inventories tight," Andy Asbury, Nov. 3, 2015