Why It’s A Great Time To Sell Your Minneapolis Duplex
I need Minneapolis and St Paul duplex sellers. Now.
I know you’ve heard it’s a buyer’s market, which, on some levels, is true.
However, if you’re a buyer, especially, if you’d like to owner occupy, it seems like a sellers market. There just isn’t a lot out there to choose from.
There are two kinds of duplex buyers; owner occupants and investors.
Of the former, most are first time home buyers.
And like any first time duplex owner, they’re willing to make some repairs to the house. Just not major ones.
This may be due to television shows like HGTV’s Renovation Realities. Then again, it could also be the result of the disappearance of the home equity line as a means of financing rehabs.
Which leaves them, and their Realtors, scrambling to find them something appealing enough to buy.
Don’t believe me?
In the last three weeks I’ve listed three duplexes. Two had one or more offers in the first few days, and the third, which hit the market this week, already had a second showing.
I have received countless calls and emails from other agents asking whether the property was still available and if I had anything else coming on the market.
For the record, two of these properties are short sales. One was brought to the market by a traditional seller.
Did they sell for what they were valued at in 2005?
No.
In my opinion, we won’t see those kinds of numbers again until the end of the decade. Or longer.
What are buyers looking for? These duplexes shared the following characteristics:
- In a walkable neighborhood
- Needed some cosmetic work done
- Have some level of charm and character. Think hardwood floors, coved ceilings, built-ins, or Victorian hardware.
- Have tenants in place who would like to stay, but understand, either via the expiration of a lease or a clause requiring them to move out in the event an owner wants to move in.
If you have a duplex, triplex, or even a four unit building that meets this criteria and you’ve been thinking about selling, or even wishing you could, contact me.
You might be surprised by how good this market really is.