Hot summer for Twin Cities home sales, median price hits record $ 342,500
8h00Saturday 19 June 2021
Rising house prices are not slowing down. According to Minneapolis area real estate agents, May saw the median sales price climb to $ 342,500, a record high in the Twin Cities.
In Robbinsdale, the median selling price rose to $ 290,000 last month, an increase of almost 10% from last year. In Brooklyn Park, the median price climbed to nearly $ 324,950, an increase of 18%.
And in Plymouth, the median selling price hit $ 409,250.
Chris Galler of Minnesota Realtors calls the market “comprehensive”.
Chris Galler, CEO of Minnesota Realtors, calls the real estate market “comprehensive.”
“A lot of buyers and sellers are exhausted by the rate at which homes are selling,” Galler said. “It’s a lot faster than anything we’ve seen in the 30 years I’ve been in the business.”
Galler says that, aside from low interest rates, the pandemic has forced baby boomers to stay longer in larger homes. Working families were also looking for homes with an office.
But if you’re looking to buy a new home, Galler says you need to start the process with a strategy that should start with getting your finances in order. It says to be prequalified and get a credit report.
“You want to know 100% what you can afford, because that’s going to be important because you’re going to be looking at a lot of houses,” Galler said.
Galler says mid-priced families will consider spending between $ 350,000 and $ 450,000.
“This $ 100,000 range is insane,” Galler said. “So don’t be surprised if you don’t make multiple offers, multiple times at prices higher than the advertised price. “
Home sellers may be excited to enter the market to get the most out of their home, but they also often face challenges.
“They’re going to face the same competition at a different price bracket,” Galler said. “So they have to get ready and say ‘yes we are ready to sell’ and know that it might only take a week, it might only take 10 days and you can have multiple offers.”
Minnesota Real Estate Agents Galler recommends speaking with your real estate agent to develop a strategy and timeline.
“The timing, the strategy, the patience,” Galler said. “And patience becomes the challenge.”
CCX News Executive Producer Corey Bork contributed to this report
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