Home Buying in Minneapolis>Question Details

KM, Real Estate Pro in Eden Prairie, MN

Eden Prairie Home Buying

Asked by KM, Eden Prairie, MN Sun Jan 5, 2014

I am wondering when real estate listings pick up in Minneapolis area? When listings increase do prices increase along with it? IYO when's the best time to buy?

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Answers

13
Spring and summer offer the most listing inventory.

I have an office at 11200 West 78th Street Eden Prairie, Minnesota 55344

Would you like to meet and discuss purchase strategies? We should discuss short sales, foreclosures and the overall process.


Hope everything works out great for you!

Thank you,

Cody Anderson, MN Licensed Realtor
RE/MAX RESULTS

Metropolitan Home Team

Phone: 612-242-5752

Email: Cody@MetropolitanHomeTeam.com
0 votes Thank Flag Link Thu Mar 27, 2014
Hi KM,

Typically listings pick up around beginning of March, it's almost like someone flips a switch! They will be increasing as the weather starts to warm up and we can all go outside without our faces freezing! And yes typically there is a trend with home prices as the market heats up, and also there has been a steady increasing recovery in MN home prices ever since the bubble popped and they foresee it continuing to increase as we continue to recover! And usually the best time to start looking to buy is late winter early spring around the start of the upturn, so that you can beat out other potential buyer competitors, but honestly anytime is a great time if you find the right deal. If you have any other questions feel free to contact me directly, I actually live in EP myself.
0 votes Thank Flag Link Tue Mar 11, 2014
Hi, KM!
Generally, in the Midwest, real estate is somewhat seasonal. We do see more properties on the market in the spring than any other time of year. We also see the most robust sales at that time of year!

For sellers, it's better to be on the market when there are fewer properties so that buyers will be vying for their house. Competition breeds higher prices. So, logically, one would think the "off times" would be better. But, history proves that spring will yield a better price for sellers, too.

For buyers, the more inventory on the market gives them more to choose from, so, again, spring would be the best time to shop to have a better selection. Though, at the "off times" they may have a better shot at negotiating a lower price than when competition is more active.

The short sales and foreclosures have skewed the market numbers the last few years, but we've had over a year now of price increases in the real estate market, which indicates a bounce back to a healthy real estate market. Not CRAZY, but healthy~

Good luck~
0 votes Thank Flag Link Tue Jan 7, 2014
I live and work in Eden Prairie and specialize in the area. Last year I completed over $6 million in transactions most of them in this area. Listings start to tick up in January and peak in March and April. Usually listings in December and January sell for a little less due to the fact that there are not as many buyers but that was not true last year. However, I think last year was an anomaly.

You need to be prepared to act when the right property comes along and that could be this month or 3 months from now. If you have a home you need to sell, that complicates things because most sellers will not sign an agreement that is contingent on the sale of your home. Therefore, you have to sell your home first and then buy a home. In that case, you would want to wait till the peak season when you know there is a good supply of homes to choose from.

I have a lot of clients that are getting their homes ready to sell their Eden Prairie homes in the spring so give me a call and I can help you get a jump on things. (612) 360-3349
0 votes Thank Flag Link Mon Jan 6, 2014
Listings will start to pick up now and slowly gain speed until March when the spring season begins. You have to put it in context though...the last 4 weeks are historically the slowest out of the whole year.

Prices have to do with supply versus demand. When there are more buyers then sellers you get stiff competition for quality homes. This causes multiple offer situations where the bidding can go over list price. Also, when there is little inventory for a certain neighborhood it allows listings to forgo price reductions.

All of this causes the market to move up. The opposite can be said if there are more sellers than buyers.

Considering we are currently in a seller's market I would consider now the best time to buy overall. Many buyers are beginning their home search but will not buy until spring. Also, interest rates are flat right now but will begin increasing at a similar pattern as they did last year.

We say it pretty commonly in winter time that there is less inventory, but there is also less competition. If you can find a home that works for you go for it! At the end of the day the best time truly is when you are ready.

If you have any other questions feel free to get in contact with me, otherwise feel free to visit my website to see more listings in Minneapolis.

Christopher Block
651-307-7663
chris.block@imetroproperty.com
0 votes Thank Flag Link Mon Jan 6, 2014
Hi KM - After 32 years as a real estate consultant in the area, I've seen markets flux depending on the economy, amount of listings/buyers, etc. Years ago I would have said January was a slow month. But in recent years, it's been crazy right after the 1st.

The prices increase when there are less homes than buyers, and, the economy supports it. Like last year we had 60 days where prices went up 10-15% depending upon the style of home, then it leveled out again, with some receding of the prices.

When the listings increase, it doesn't necessarily mean prices will increase (especially if there are too many listings). The best time to buy is when you're ready and then you can look at what's available in your price range. It's best to start looking when you're ready as you can always wait until the right one comes along, but at least you'll know it's the right one, if you've seen others.

Maybe you would like to have a short chat about what you might be looking for, etc. and then I can send you homes in the areas/price range you are considering. Please feel free to call me at (651) 457-HOME (4663) or 612-802-4325 and we can discuss what's best for you.

Warmly,

Kim Eisen
(651) 457-HOME (4663)
(612) 802-4325
"Helping People Make Smart Real Estate Decisions since 1980"
0 votes Thank Flag Link Mon Jan 6, 2014
In my humble opinion, the entire market becomes more active starting in early Spring.

When the number of listings increase, there's more inventory to choose from. However, there's often more buyers competing for those listings and the laws of supply and demand will either raise or lower prices at that time. The interest rates also affect the prices sellers are able to get. When interest rates are low, there's often more buyers.

Since you probably only need one home, the best time to buy is when you've found one that's right for you. Once you've done that, it's simply a matter of making an offer with a sales price that seems right to you. If things work out, fine, if not, keep looking.

There certainly are "bargains" on the market at all times. If that's what you are looking for, a good Realtor assisting you in the process of finding the right home and negotiating the price on your behalf, will be very helpful. These "bargains" are often found in the form of lender-owned properties, short sales, and HUD homes.

I can assist you. My services are free of charge to buyers. Call me, let's talk. 763-228-2967
0 votes Thank Flag Link Sun Jan 5, 2014
If I might add, the "bargains" are not always the properties you mentioned (foreclosures, etc.) - that is a bit of a myth. There are plenty of homes sitting since the summer or fall that have not sold because they were priced too high to begin with. Often, these sellers are very motivated to sell come December/January when they are really tired of paying two mortgages.
Flag Mon Jan 6, 2014
You'll definitely see a lot of fresh inventory on the market come March 1st...I personally think that a lot of times it's simply easier to wait until it isn't really cold/snowy out to move. That said, there are always houses on the market with sellers very ready to sell- and during the winter, you may be able to find a really good deal because of this. I think you may notice the prices going up in the Spring as you will find yourself having more competition with other buyers too.
0 votes Thank Flag Link Sun Jan 5, 2014
January and February at historically the slowest months of the year. Inventory and sales are about 60% lower then in the summer months.

Prices can go up or down depending on market conditions.

The best time to buy is when you find a great deal. Call me and I will help. 612-423-0202
0 votes Thank Flag Link Sun Jan 5, 2014
KM, that is a very broad question that the answer changes every year. Take last year as an example,
I was busy through the fall into the holidays right up until the last week. I have already sold 2 homes now in January of this year but it has been much more quiet.

The public's perception is that Spring is May or so. The reality is that my Spring market starts as early as the 2nd week in January many years. A lot has to do with the weather and I believe until we snap out of this bitter cold the market will be affected in the entire Twin Cities area.

Prices tend to increase in the Spring historically but not always in every price range or city. Eden Prairie is always very stable because it is a transitional suburb Like Bloomington and Eagan, meaning people are always moving in and out at a higher rate due to the location. Its close to the airport and many large companies so its very desirable not to mention the schools are wonderful. The Twin Cities market as a whole saw on average a 10% to 15% rise in value in 2013 but in some areas and price ranges much more. In the higher price ranges above $500,000 many areas dropped in value.

There are always deals on homes year round so look when you are ready. The biggest issue you may face in buying a home has less to due with the price of the home at times and more to do with what the interest rates are doing.

I hope this helps, if you have more questions just let me know.

Tom
0 votes Thank Flag Link Sun Jan 5, 2014
Hi KM,

Yes - listings typically pick up in the March time frame and prices usually do too. You can see that graphically from this report by the Minneapolis Association of Realtors which shows the listings and home prices for the past 9 years -

http://mplsrealtor.com/images/home/Market-wmar.jpg

You'll notice that listings grind to a low in December and usually pick up nicely come around February or March as sellers gear up for the spring selling season. Prices also spike up right along with the extra listings as you'll see on the average sales price graph.

Let me know if you have any other questions.

Bill Wallace
RE/MAX Advantage Plus
c - 952-923-7000
0 votes Thank Flag Link Sun Jan 5, 2014
Thats so great about the associations too, you can always look at history and typical trends and see when the market starts to hum and chug to get moving again. Some markets get moving faster as others take a little more time to get activity levels moving again that would be considered "normal" for that area.
Flag Sun Jan 5, 2014
Check out this link it may help ansower you question about the market. Also when you get to the site check out the tools and toolbox tab you will find a link to a real estates stats site which should help as well.

http://www.twincitiesrealestateshow.com/december-2013-twin-c…



Kirk Duckwall
The Duckwall Team of Realtors
Edina Realty
Cell 651-303-0019
http://www.DuckwallTeam.com
Your Referrals Are Greatly Appreciated
Check out our Twin Cities Real Estate Show at http://www.TwinCitiesRealEstateShow.com
0 votes Thank Flag Link Sun Jan 5, 2014
Listings typically do start to pick up after the 1st of the year, but don't really start making an impact until around March or so. A lot of it has to do with the weather. The longer the cold and snow stays the long the "spring market" takes to be there.

With increase listings and buyer activity typically brings price increases. My advise to you is that if you can find something now, do! Yes you'll have less homes to chose from but your competition will never be smaller.

Let me know if there is anything else you need help with. Thanks,

Ryan
0 votes Thank Flag Link Sun Jan 5, 2014
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