According to real estate experts, 2015 ended with a positive swing in the local housing market. Based on continuing trends, it appears that 2016 will build on last year’s successes, at least in some areas of the greater Minneapolis community.
Particularly, communities in southwest Minneapolis have seen significant housing price increases over last year, with some areas reporting home prices rising by around nine percent. Collectively prices throughout the Twin Cities have increased and buyers are exhibiting more willingness to purchase homes that are not in perfect condition.
Homes that require attention, whether through necessary improvements or just upgrades, are selling well throughout the area. This indicates that buyers may be more willing to take more on for themselves in order to get into residential real estate than they were willing to do in the past. Additionally, it also means that sellers may have more options for putting project homes on the market without undertaking improvements themselves.
Preparing to buy a home can be a challenge, even when the housing market is strong. Buyers may face competition and bidding wars as they hone in on properties that interest them. They may find themselves making offers on multiple homes before any of their attempts stick. Home sellers may also face challenges as they attempt to competitively price their properties in a hot housing market.
Residential real estate transactions often involve a lot of money and can impose significant concerns on those involved. However, home buyers and those who wish to sell their homes can choose to work with real estate professionals during the offer and acceptance phases of a home sale. People should make sure they understand the real estate process and take steps to protect their legal rights as they look to buy or sell a home this year.
Source: southwestjournal.com, “Experts predict another strong year for the housing market,” Sarah McKenzie, Jan. 8, 2016