When is a good time to sell your Minneapolis duplex?
No, prices aren’t what they were in 2005-2006.
And they aren’t going to be anywhere near there for quite some time.
So why is NOW a good time to sell?
Because during the week ending March 17, there were just 28 duplex, triplex and fourplex listings newly for son the market. Last year during that same week, there were 22 percent more new properties for buyers to choose from.
Of the new listings, most (53.6 percent) were being sold by traditional sellers who did not need a bank’s permission to sell. This represents a market share increase of 3.6 percent from last year.
Meanwhile, there were 17 Minneapolis and St Paul duplexes sold the third week of March. Of these, 52.9 percent did not involve a bank in the sale negotiations. While this number represents a 29 percent drop in new inventory compared to the week one year ago, it’s important to note just 16.67 of those sold properties were owned by sellers with equity.
In other words, the banks don’t seem to be offering as many of their Minneapolis and St Paul duplexes for sale.
And yet, here’s the real news…according to my crude estimates, there are over 200 bank-owned duplexes currently on the books, but not on the market.
I wish I could tell you why they aren’t selling them, but I honestly have no idea.
Worse yet, I couldn’t even begin to guess when they will offer these duplexes for sale; or foreclose on all the owners who are behind on their mortgage payments.
They simply aren’t doing it right now.
Which gives traditional Minneapolis and St Paul duplex sellers a window to sell…
One that won’t stay open forever.