If you are considering buying a home in the Twin Cities in 2019, there are a few things you need to take into consideration. So far in 2019, the housing market in the metro area has favored sellers over buyers. Here, our experts at Home Avenue will discuss this year’s housing market and some things to keep in mind before you commit to buying a home.
It’s a Seller’s Market
As the Twin Cities have continued to grow and housing prices have stayed at record-high levels, it has become increasingly clear the seller’s market will continue to be the trend. Due to the price of housing, many people have been more hesitant to move, and instead, they choose to stay in a secure location. Because of this, there are not enough homes available to fit the current demand. When a home or property does get listed for sale, it is sold in a short time frame because of the high demand, which leaves buyers, especially first-time buyers with a lower budget, out of luck.
Sky-High Prices
In addition to low inventory in the housing market in the Twin Cities, the prices on the limited spaces available are extremely high. This trend especially creates a difficult situation for new buyers. New buyers are typically right out of college and do not yet have the financial ability to pay for an expensive home.
Look in Areas that Have Growth Potential
If you are looking to buy a home, consider doing so in an area that is not fully developed. Even if the house is farther away from the closest stores, restaurants, and more, it will likely be a cheaper price than the homes close to those areas. As the population continues to rise, you can all but guarantee that the area around you will soon be developed, as well.
Get Inspections and Stop Paying Commission
If you have found a home you love and can afford, you need to ensure you get a full inspection of the property. By doing this, you can be certain there will not be any hidden damages or other surprises you weren’t anticipating when you signed the mortgage. Additionally, working with a flat-fee realty company is an easy way to save money. Instead of paying your agent commission, the fee is set ahead of time, so you are bound to save thousands.
Contact Home Avenue Today
If you are looking at buying or selling your home in the Twin Cities metro area, contact Home Avenue today. With our services, we can help you with your For Sale By Owner (FSBO) and flat-fee realty needs. To learn more about our services or to schedule a meeting, call us at 952-929-7355 or message us on our contact page today.